NXT Energy wraps $291,250 of $1.79 million private placement of units

Non-brokered offering raises proceeds for general corporate purposes

By Devika Patel

Knoxville, Tenn., March 20 - NXT Energy Solutions Inc. said it raised $291,250 in the second tranche of a $1.79 million non-brokered private placement of units. The company took in $1.5 million on March 8.

The company sold 2,002,839 units of one common share and one warrant at $0.75 per unit in the first tranche and 388,333 units in the second. Each first-tranche warrant is exercisable at $1.20 until March 7, 2014. The second-tranche warrants are exercisable at $1.20 until March 19, 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:	$1,793,379
Units:	2,391,172
Price:	$0.75
Warrants:	One warrant per unit
Warrant expiration:	March 7, 2014, March 19, 2014
Warrant strike price:	$1.20
Agent:	Non-brokered
Settlement dates:	March 8 (for $1,502,129), March 20 (for $291,250)
Stock symbol:	OTCBB: NSFDF
Stock price:	$0.90 at close March 7
Market capitalization:	$30.75 million

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