- NXT Energy Solutions (SFD) has disclosed its intention to embark on a rights offering
- The company plans to offer rights to shareholders as of the close of business on November 7, 2022 with an expiry date of November 30, 2022
- A total of 2.95 rights will entitle the holder to purchase one common share at a price of $0.18
- If the offering is fully subscribed, it will raise gross proceeds of approximately $4.0 million
- NXT Energy Solutions Inc. offers geophysical services to the upstream oil and gas industry using its gravity-based Stress Field Detection (SFD) remote-sensing survey system
- NXT Energy Solutions Inc. (SFD) last traded at $0.235 per share
NXT Energy Solutions (SFD) has disclosed its intention to embark on a rights offering.
The company plans to offer rights to shareholders as of the close of business on November 7, 2022 with an expiry date of November 30, 2022.
The offering will be made in all Canadian provinces, in each U.S. state except Arizona, Arkansas, California, Minnesota, Ohio, Utah and Wisconsin, and in all jurisdictions outside Canada and the U.S. where the company is eligible to make such an offering.
Shareholders of record on November 7, 2022 will receive one right for each common share held.
A total of 2.95 rights will entitle the holder to purchase one common share at a price of $0.18.
Exercise of the rights and purchase of the common shares must be completed by 4:30 p.m. (Calgary time) on the expiry date.
Shareholders who fully exercise their rights are entitled to subscribe pro-rata for additional common shares, if available, that were not subscribed for initially on or before the expiry date.
If the offering is fully subscribed, it will raise gross proceeds of approximately $4.0 million.
The company will use the proceeds to support general and administrative costs, including business development and marketing activities required to transform its existing pipeline of opportunities into firm contracts.
NXT Energy Solutions Inc. is a Calgary-based technology company. Its proprietary SFD survey system uses quantum-scale sensors to remotely identify traps and reservoirs with hydrocarbon and geothermal exploration potential.
NXT Energy Solutions Inc. (SFD) last traded at $0.235 per share.
