CALGARY, Alberta, Jan. 25, 2023 (GLOBE NEWSWIRE) — NXT Energy Solutions Inc. (“NXT” or the “Company”) (TSX:SFD, OTCQB:NSFDF) is pleased to announce the closing of its private placement announced on December 22, 2022 (the “Private Placement’) for total net proceeds of approximately $1,882,195 in connection with the issuance of 9,658,282 common shares for $0.195 per common share. Insiders purchased a total of 9,178,282 common shares for $1,789,765 (95.0%) of the Private Placement. All five directors and the Chief Financial Officer have either participated in the Private Placement, the 2022 Rights Offering, or have elected to take some or all of their recent director’s fees in the form of options.
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. In connection with the Offering, $1,170 in cash finder’s fees were paid to qualified parties.
The proceeds from the Private Placement will be used support general and administrative costs which include business development and marketing activities to transform the existing pipeline of opportunities into firm contracts.
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.
A conference call to discuss an operational update will be held on Wednesday, February 1, 2023 at 4:30 p.m. Eastern Time (2:30 p.m. Mountain Time).
Details of the conference call are as follows: