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MCAPM, LP Acquires Convertible Debenture of NXT Energy Solutions Inc.
CALGARY, AB / ACCESSWIRE / June 3, 2024 / MCAPM, LP announced today that on May 31, 2024, it sub...
About this update from Nxt Energy Solutions Inc.
[{"type":"text","content":"MCAPM, LP Acquires Convertible Debenture of NXT Energy Solutions Inc. CALGARY, AB / ACCESSWIRE / June 3, 2024 / MCAPM, LP announced today that on May 31, 2024, it subscribed for and received an aggregate principal amount of US$2,000,000 (approximately CDN$2,680,000) of unsecured convertible debentures (the \"Debentures\") of NXT Energy Solutions Inc. (TSX:SFD) (\"NXT\") in a non-brokered private placement. The Debentures bear interest at 10.0% per annum and are due and payable in full on May 31, 2026. The Debentures are convertible into common shares in the capital of NXT (the \"Common Shares\") at a conversion price of US$0.25 (CDN$0.3412) per Common Share which provides MCAPM, LP with the right to obtain an additional 8,000,000 Common Shares. However, due to the current shareholdings of MCAPM, LP, together with Michael P. Mork (collectively, \"Mork Capital\") in NXT, no conversion of the Debentures can occur until shareholder approval of NXT's shareholders is obtained. Mork Capital currently own an aggregate of 14,921,233 Common Shares, representing 19.1% of the currently issued and outstanding Common Shares of NXT. With the acquisition of the Debentures, Mork Capital will have the right to own, after conversion of the Debentures, 30,526,321 Common Shares, representing approximately 28.1% of the issued and outstanding Common Shares (after giving effect to the conversion of the full amount of Debentures). NXT has agreed to nominate a representative from Mork Capital for appointment to its board of directors. Mork Capital is nominating Peter Mork for appointment to NXT's board of directors at NXT's annual general meeting scheduled to be held on July 15, 2024.The head office address of NXT is 302 3320 17th Avenue SW Calgary, Alberta, Canada T3E 0B4. The head office of MCAPM, LP is 132 Mill Street, #204, Healdsburg California, 95448This news release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which NXT is a reporting issuer containing information with respect to the foregoing matters (the \"Early Warning Report\"). A copy of the Early Warning Report will be available under NXT's profile at www.sedarplus.com or may be obtained by contacting Mork ...