NXT Energy Solutions Inc. announced that it will issue convertible debenture for an aggregate principal amount of CAD 3,447,500 on November 8, 2023. The transaction will include participation from returning investor, Mork Capital Management, LLC, new investor, MCap Media Limited. The debentures are convertible into common shares of the company at a conversion price of CAD 0.25 per share. The debentures bear interest at 10.0% per annum.
On the same date the company announced that it has raised CAD 1,379,000 in its first tranche closing. The Company intends to complete the remaining CAD 2,068,500 of the Debenture offering on or before December 15, 2023.