Finning Buys Stake in Utility

Finning International, a Vancouver, British Columbia-based Caterpillar dealer is buying a $9.4 million stake in Maxim Power Corp.

The purchase is comprised of 50 million units, each consisting of one share purchase warrant. The warrants give Finning the option of purchasing additional shares for up to two years at a fixed price. Maxim is offering another 12 million units to other investors.

The deal will give Finning a 35 percent stake in Maxim. Should Finning exercise the warrants it would own 45 percent of the company. Maxim, Calgary, Alberta, owns and operates power plants that produce 55 megawatts of electrical capacity in Canada.

Finning is No. 14 on the RER 100.

TAGS: Ar Syndicate
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