NXT Energy Solutions Inc. announced a private placement of convertible debt for gross proceeds of CAD 3,126,758 ($2,300,000) on May 25, 2023. The transaction included participation from an affiliate of Synergy E&P LLC. The convertible debt bears an interest at the rate of 10% quarterly.

The shares will be convertible at a price of CAD 0.194 per common share and will have the right to appoint a board member. The Company has made an application to the Toronto Stock Exchange for conditional approval of this Convertible Debenture financing.