NSFDF - NXT announces $2.32M private placement

• NXT Energy Solutions ( OTCQB:NSFDF ) has received conditional approval from the Toronto Stock Exchange to offer a multi-tranche private placement, under which the subscribers will be able to purchase up to ~11.9M shares at a price of $0.195 per share.
• Total gross proceeds of ~$2.32M.
• As of December 22, 2022, the amount of ~$1.79M or 9.18M shares have been subscribed for by participants in the private placement.
• The company intends to complete the remaining $530,885 of the private placement by January 27, 2023.
• Shares issued as a result of the private placement will be subject to a hold period of four months plus a day from the date of issuance.
• The proceeds will be used to support the general and administrative costs which include business development and marketing activities required to transform the existing pipeline of opportunities into firm contracts.

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