Maxim Power Corp. Receives Notice from Valory Resources Inc. to Exercise the Option to Purchase Summit Coal

CALGARY, Alberta, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX: MXG) announces that, pursuant to the Option to Purchase Agreement entered into in February 2022, and subsequently amended and restated in March 2023, it has received notice (the “Notice”) from Valory Resources Inc. (“Valory”) that Valory is exercising its right to purchase the Corporation’s wholly-owned subsidiaries Summit Coal Limited Partnership and Summit Coal Inc. (collectively “Summit”). Following receipt of the Notice, MAXIM and Valory have until February 18, 2025 to enter into a Purchase and Sale Agreement (the “PSA”). Closing of the PSA (“Closing”) will be subject to each party satisfying customary closing conditions and is expected to occur in the first half of 2025.