February 3, 2023

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NXT Announces Closing of Private Placement and Announces Investor Call

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CALGARY, Alberta, Jan. 25, 2023 (GLOBE NEWSWIRE) — NXT Energy Solutions Inc. (“NXT” or the “Company”) (TSX: SFD; OTCQB: NSFDF) is pleased to announce the closing of its private placement announced on December 22, 2022 (the “Private Placement’) for total net proceeds of approximately $1,882,195 in connection with the issuance of 9,658,282 common shares for $0.195 per common share. Insiders purchased a total of 9,178,282 common shares for $1,789,765 (95.0%) of the Private Placement. All five directors and the Chief Financial Officer have either participated in the Private Placement, the 2022 Rights Offering, or have elected to take some or all of their recent director’s fees in the form of options.

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Common shares issued as a result of the Private Placement will be subject to a hold period of four months plus a day from the date of issuance. In connection with the Offering, $1,170 in cash finder’s fees were paid to qualified parties.

GlobeNewswire

2023-01-25 18:48:30

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