Acquisition of Northland Power Inc. Common Shares

TORONTO, March 23, 2018 (GLOBE NEWSWIRE) -- James C. Temerty, Chair of Northland Power Inc. (TSX:NPI) (“Northland”), 30 St. Clair Avenue West, Suite 1200, Toronto, Ontario M4V 3A1 announced today that on March 23, 2018, a trust controlled by Mr. Temerty acquired ownership of common shares (“Shares”) of Northland in open market purchases on the Toronto Stock Exchange (the “Transaction”). In particular, 150,000 Shares were acquired for an average price of $22.8334 per Share for an aggregate acquisition cost of $3,425,010. The acquisition represents a change of approximately 0.09% in the shares of Northland which Mr. Temerty owns or over which he exercises control or direction.

Immediately prior to the Transaction, Mr. Temerty beneficially owned or had control or direction over 56,831,799 Shares as well as 1,000,000 Class A Shares of Northland, each convertible into one Share, representing, on a partially diluted basis, approximately 33.03% of the outstanding Shares prior to the Transaction.

Immediately following the Transaction, Mr. Temerty beneficially owned or had control or direction over 56,981,799 Shares and 1,000,000 Class A Shares, representing, on a partially diluted basis, approximately 33.12% of the outstanding Shares (assuming that all of the Class A Shares were converted into Shares).

Of the above shares, 55,252,249 Shares and all 1,000,000 Class A Shares (representing approximately 32.13% of the outstanding Shares if all Class A Shares are converted) are beneficially owned by Mr. Temerty. Mr. Temerty may be considered to have control or direction over the balance of the Shares described above.

The Shares were acquired for investment purposes, and Mr. Temerty and, to his knowledge, the other owners of Shares described in his early warning report, have no plans to dispose of any Shares, except that he, directly or through holding companies he controls, may donate a number of the Shares to the Temerty Foundation (formerly the Temerty Family Foundation), a charitable foundation of which he and other family members are directors. Mr. Temerty and other owners of Shares to which this press release relates may in their discretion participate in the Issuer’s dividend reinvestment plan, thereby acquiring ownership of more Shares. Mr. Temerty does not have any plans related to any of the items enumerated in the list contained in Item 5 of Form 62-103F1.

The purchase of the Shares is being made pursuant to the exemption from the formal issuer bid requirements provided in section 4.1 of National Instrument 62-104 – Take-Over Bids and Issuer Bids as this purchase, together with all other purchases of Shares by Mr. Temerty over the past 12 months amounts to fewer than 5% of the outstanding Shares and the price paid was not in excess of the market price as defined in section 4.1 of National Instrument 62-104 – Take-Over Bids and Issuer Bids.

To obtain a copy of the report filed pursuant to applicable securities regulations in connection with the foregoing, please contact:

Cheryle Lee
Northland Power Holdings Inc.
647-288-1019

Source: Northland Power Inc.