Funds for SFD surveys, sales and marketing programs, general purposes
By Melissa Kory
Cleveland, Feb. 17 - NXT Energy Solutions Inc. said it completed its non-brokered private placement of units, raising C$1,600,300, including C$40,000 from insiders.
NXT issued 3.2 million units at C$0.50 per unit, a 16.67% discount from the closing Feb. 17 share price of C$0.60.
Each unit consisted of one common share and one warrant exercisable at C$0.60 for one year.
In connection with this closing, the company paid a finder's fee of C$72,600 and 145,320 warrants.
Following the closing, NXT has 34,002,396 shares issued and outstanding.
Proceeds from the placement will be used to provide resources required to execute the company s business plan including, but not limited to completing SFD surveys, undertaking sales and marketing programs and general corporate purposes.
NXT is a Calgary, Alta.-based company that provides airborne hydrocarbon detection solutions that allow its clients to focus their exploration decisions concerning land commitments, data acquisition expenditures or prospect prioritization onto the areas with hydrocarbon potential.
| Issuer: | NXT Energy Solutions Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,600,300
|
| Units: | 3,200,600
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 10
|
| Settlement date: | Feb. 16
|
| Stock symbol: | TSX Venture: SFD
|
| Stock price: | C$0.60 at close Feb. 17
|
| Market capitalization: | C$23.9 million
|
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