Non-brokered offering raises proceeds for general corporate purposes
By Devika Patel
Knoxville, Tenn., March 8 - NXT Energy Solutions Inc. said it completed a $1.5 million non-brokered private placement of units.
The company sold 2,002,839 units of one common share and one warrant at $0.75 per unit, with each warrant exercisable at $1.20 until March 7, 2014. The strike price is a 33.33% premium to the March 7 closing share price of $0.90.
The company plans to use the proceeds to enhance its working capital position and for general corporate purposes.
The Calgary, Alta., company provides airborne hydrocarbon detection solutions 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: | $1,502,129
|
| Units: | 2,002,839
|
| Price: | $0.75
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | March 7, 2014
|
| Warrant strike price: | $1.20
|
| Agent: | Non-brokered
|
| Pricing date: | March 8
|
| Stock symbol: | OTCBB: NSFDF
|
| Stock price: | $0.90 at close March 7
|
| Market capitalization: | $31.27 million
|
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