NXT Announces Closing of the Second $1.60 Million Tranche of Its $2.32 Million Private Placement and New Insider
January 11 2023 - 3:55PM
NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD;
OTCQB: NSFDF) is pleased to announce it has now received an
additional $1,600,950 in connection with the issuance of 8,210,000
common shares in the second tranche of the $2.32 million private
placement that was announced on December 22, 2022 (the “Private
Placement’). As of January 11, 2023, a total amount of $1,824,865
or 9,358,282 common shares have been issued to participants in the
Private Placement at a purchase price of $0.195 per
common share. Common shares issued as a result of the
Private Placement will be subject to a hold period of four months
plus a day from the date of issuance.
New Insider
With the closing of the second tranche, Mr.
Michael P. Mork and MCAPM, LP, (together “Mork Capital”) have
purchased a total of 8,750,000 common shares or $1,706,250 of the
Private Placement. Mork Capital now owns approximately 19.3% of the
outstanding common shares of the Company. Two members of the
Company’s Board of Directors participated in the first tranche of
the Private Placement, for a total of $83,515.
Closing of the Final Tranche of Private
Placement
The Company intends to complete the remaining
$495,785 of the Private Placement at a purchase price
of $0.195 per Common Share by January 27, 2023.
The securities described herein have not been,
and will not be, registered under the United States Securities Act
of 1933, as amended (the "1933 Act"), or any state securities laws,
and accordingly, may not be offered or sold within the United
States except in compliance with the registration requirements of
the 1933 Act and applicable state securities requirements or
pursuant to exemptions therefrom. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in the United States
or in any other jurisdiction in which such offer, solicitation or
sale would be unlawful.
About NXT Energy Solutions
Inc.
NXT Energy Solutions Inc. is a Calgary-based
technology company whose proprietary SFD® survey system utilizes
quantum-scale sensors to detect gravity field perturbations in an
airborne survey method which can be used both onshore and offshore
to remotely identify traps and reservoirs with hydrocarbon and
geothermal exploration potential. The SFD® survey system enables
our clients to focus their exploration decisions concerning land
commitments, data acquisition expenditures and prospect
prioritization on areas with the greatest potential. SFD® is
environmentally friendly and unaffected by ground security issues
or difficult terrain and is the registered trademark of NXT Energy
Solutions Inc. NXT Energy Solutions Inc. provides its clients with
an effective and reliable method to reduce time, costs, and risks
related to exploration.
Contact Information
For investor and media inquiries please contact:
Eugene Woychyshyn |
George
Liszicasz |
Vice President of Finance &
CFO |
President & CEO |
302, 3320 – 17th AVE SW |
302, 3320 – 17th AVE SW |
Calgary, AB, T3E 0B4 |
Calgary, AB, T3E 0B4 |
+1 403 206 0805 |
+1 403 206 0800 |
nxt_info@nxtenergy.com |
nxt_info@nxtenergy.com |
www.nxtenergy.com |
www.nxtenergy.com |
Forward-Looking Statements
Certain information provided in this press
release may constitute forward-looking information within the
meaning of applicable securities laws. Forward-looking information
typically contains statements with words such as "anticipate",
"believe", "estimate", "will", "expect", "plan", "schedule",
"intend", "propose" or similar words suggesting future outcomes or
an outlook. Forward-looking information in this press release
includes, but is not limited to, information regarding: the details
or and funds to be raised under the Private Placement and
additional sources of required funding for the Company. Although
the Company believes that the expectations and assumptions on which
the forward-looking statements are based are reasonable, undue
reliance should not be placed on the forward-looking statements
because the Company can give no assurance that they will prove to
be correct. Since forward-looking statements address future events
and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.
Risk factors facing the Company and the Rights Offering are
described in its most recent Annual Information Form for the year
ended December 31, 2021 and MD&A for the three and nine month
periods ended September 30, 2022, which have been filed
electronically by means of the System for Electronic Document
Analysis and Retrieval ("SEDAR") located at www.sedar.com. The
forward-looking statements contained in this press release are made
as of the date hereof, and except as may be required by applicable
securities laws, the Company assumes no obligation to update
publicly or revise any forward-looking statements made herein or
otherwise, whether as a result of new information, future events or
otherwise.
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