NOT FOR DISTRIBUTION TO US NEWS SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES
TORONTO, Sept. 7, 2022 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) NPI announced today that it has extended its at-the-market equity program (“ATM Program”) to allow the Company to raise up to an additional $750 million in common stock from its own funds from time to time (the “Common Shares”) to the public at the Company’s discretion in connection with the ATM Program. The ATM program was renewed following the termination of the Company’s previous at-the-market stock program as most of the common stock permitted for sale under the previous program was sold. All Common Shares sold under the ATM Scheme will be sold through the facilities of the Toronto Stock Exchange (the “TSX”) or other marketplace on which the Common Shares will be listed, listed or otherwise traded (collectively, the “Marketplaces”) at the time the market price prevailing at the time of sale.
The ATM program provides Northland with an additional source of financial flexibility and will be activated at the Company’s discretion, if and as required, based on the funding needs of the Company’s identified growth initiatives. The volume and timing of distributions under the ATM Program, if any, will be determined at the Company’s sole discretion.
The ATM Scheme will expire on July 16, 2023 and the date all common shares to be issued under the ATM Scheme have been issued unless terminated prior to that date by the Company or the Agents pursuant to the terms of the Share Distribution Agreement dated September 7, 2022 (the “Equity Distribution Agreement”) between the Company and CIBC Capital Markets, National Bank Financial Inc., BMO Capital Markets, Desjardins Securities Inc., RBC Dominion Securities Inc., TD Securities Inc. and Scotia Capital Inc. (collectively the “agents”). Distributions of Common Stock through the ATM Program…
