NXT Energy Solutions Inc. Announces Closing of Rights Offering

Source: www.gulfoilandgas.com 12/2/2022, Location: North America

NXT Energy Solutions Inc. announced the closing of the rights offering previously announced on October 31, 2022 (the “Offering”). The Company will issue 2,149,180 common shares at a price of $0.18 per common share, for aggregate gross proceeds of $386,852.40.

The proceeds will be used to support the working capital requirements to commence SFD® surveys and for the related general and administrative costs required to transform the existing pipeline of opportunities into firm contracts.

1,543,148 shares were issued in the basic subscription. A total of 606,032 shares were applied for under the additional subscription provision. A total of 2,149,180 shares were issued collectively under the basic and additional subscription provisions. There was no standby commitment agreement.

As a result of the completion of the Offering, a total of 67,776,293 common shares of NXT are now issued and outstanding.


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