Business
NXT announces second closing of private placement financing for combined proceeds of US $1.8 million
This news release does not constitute an offer to sell or a solicitation of an offer to bu...
About this update from Nxt Energy Solutions Inc.
[{"type":"text","content":"\n\n\n\n\n\nThis news release does not constitute an offer to sell or a solicitation\n of an offer to buy any of the securities in the United States. The\n securities have not been and will not be registered under the United\n States Securities Act of 1933, as amended (the \"U.S. Securities Act\")\n or any state securities laws and may not be offered or sold within the\n United States unless an exemption from such registration is available.\n\n\nCALGARY, March 20, 2012 /CNW/ - NXT Energy Solutions Inc. (\"NXT\" or the\n \"Company\") (TSXV: SFD) (NASDAQ-OTCBB: NSFDF), today announced the\n completion of a second closing (the \"Second Closing\") of a non-brokered\n private placement financing (the \"Financing\") of units (the \"Units\").\n This Second Closing of US $291,250 is in addition to the initial US\n $1,502,130 closing that was announced on March 8, 2012.\n\n\nThe Second Closing consisted of an issue by NXT of a total of 388,333\n Units at US $0.75 per Unit, for total gross proceeds of US $291,250\n (US$ 271,250 net of finder's fees).  Each Unit consisted of one common\n share of NXT (a \"Share\") and one common share purchase warrant (a\n \"Warrant\"), with the following terms:\n\n\nEach of the 388,333 Warrants entitles the holder to acquire one Share of\n NXT at an exercise price of US $1.20 and has a term of 2 years,\n expiring  March 19, 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 the Second\n Closing.   Any Warrants subject to Acceleration shall expire 30 days\n after notice; and\n\n\nThe Shares and Warrants issued pursuant to the Second Closing are\n subject to a hold period that expires July 20, 2012.\n\n\nFollowing the Second Closing, NXT has a total of 37,688,126 outstanding\n common shares.  NXT paid finder's fees totaling US $20,000 and issued a\n total of 21,400 finder's warrants (with the same terms as the Warrants\n noted above) on a portion of the Second Closing. The two closings of\n the Financing are summarized as follows:\n\n\n\n\n\n\n\nFirst \...