Business
NXT announces closing of $1.5 million private placement financing
CALGARY, March 8, 2012 /CNW/ - NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX-V:SF...
About this update from Nxt Energy Solutions Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, March 8, 2012 /CNW/ - NXT Energy Solutions Inc. (\"NXT\" or the\n \"Company\") (TSX-V:SFD) (NASDAQ-OTCBB:NSFDF), today announced the\n completion of a US $1.5 million non-brokered private placement\n financing (the \"Financing\") of Units. In addition, NXT recently\n received an additional $279,000 from the exercise of share purchase\n warrants prior to their expiry on February 16, 2012. The combined total\n proceeds from these transactions is $1.8 million. A total of US\n $141,604 was subscribed for by persons who are Insiders or advisors to\n NXT.  A limited number of additional subscriptions may still be\n accepted by NXT if a second closing is warranted.\n\n\nNXT also advises that it has recently completed all data acquisition\n operations on its US $1.65 million SFD® survey contract in\n Argentina. The survey aircraft is currently undergoing repairs and\n maintenance prior to mobilizing to its next project, a US $0.75 million\n SFD® survey contract to be conducted in Guatemala.\n\n\n\"We continue to execute against our backlog of survey contracts,\" said\n George Liszicasz, NXT's President & CEO.  \"This Financing, in\n conjunction with the cash flow generated through the execution of\n significant SFD® survey contracts, allows us to strengthen our\n financial position with limited dilution. We are continuing to expand\n industry awareness of our revolutionary exploration technology.\"\n\n\nThe Financing consisted of an issue by NXT of a total of 2,002,839\n \"Units\" at US $0.75 per Unit, for total gross proceeds of US $1,502,130\n (US$ 1,432,130 net of finder's fees).  Each Unit consisted of one\n common share of NXT (a \"Share\") and one common share purchase warrant\n (a \"Warrant\"), with the following terms:\n\n\nEach of the 2,002,839 Warrants entitles the holder to acquire one Share\n of NXT at an exercise price of US $1.20 and has a term of 2 years,\n expiring  March 7, 2014;\n\n\nNXT has the option to call for acceleration of the expiry (the\n \"Acceleration\") of the Warrants if it issues a press release advising\n that its shares have traded in excess of US $1.50 for 20 consecutive\n trading days on the Nasdaq OTCBB;\n\n\nA maximum of 50% of the Warrants issued to each subscriber shall be\n subject to acceleration in the first 6 months after Closing...