MCAPM, LP Acquires Convertible Debenture of NXT Energy Solutions Inc.

Calgary, AB / ACCESSWIRE / June 3, 2024 / MCAPM, LP announced that on May 31, 2024, it subscribed for and received US$2,000,000 (approximately CDN$2,680,000) of unsecured convertible debentures ("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 on May 31, 2026. These Debentures are convertible into common shares at a price of US$0.25 (CDN$0.3412) per share, giving MCAPM, LP the right to obtain an additional 8,000,000 Common Shares. Conversion is subject to shareholder approval due to the current holdings of MCAPM, LP and Michael P. Mork, known collectively as Mork Capital.

Mork Capital currently holds 14,921,233 Common Shares, representing 19.1% of the issued shares of NXT. Upon conversion, Mork Capital would own approximately 28.1% of the shares. NXT has agreed to nominate Peter Mork to its board of directors at the annual general meeting on July 15, 2024. This transaction is conducted under the Early Warning System and requires an Early Warning Report.