Non-brokered deal raises funds to help execute company business plan
By Devika Patel
Knoxville, Tenn., Feb. 10 - NXT Energy Solutions Inc. said it plans a non-brokered private placement of units. The offering is expected to raise C$1.92 million.
The company will sell 3.84 million units at C$0.50 apiece. Each unit will consist of one common share and one warrant, with each warrant exercisable at C$0.60 for one year. The strike price is an 11.11% premium to the Feb. 9 closing share price of C$0.54.
Proceeds will be used to execute the company's business plan and used for, among other things, SFD surveys, sales and marketing programs and general corporate purposes.
The Calgary, Alta., company provides airborne hydrocarbon detection services and has developed a remote sensing airborne survey system that is designed to identify areas with oil and natural gas reserve potential.
| Issuer: | NXT Energy Solutions Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.92 million
|
| Units: | 3.84 million
|
| 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
|
| Stock symbol: | TSX Venture: SFD
|
| Stock price: | C$0.54 at close Feb. 10
|
| Market capitalization: | C$16.63 million
|
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