Nxt Energy Stock Price, News & Analysis

NXT Energy Solutions Inc. announced the grant of 2,050,000 incentive stock options priced at $0.216 to its employees, officers, and directors. The options will vest upon the achievement of specific cash collection milestones: 1/3 after US$6.5 million, another 1/3 after US$7.0 million, and the final 1/3 after an additional US$7.5 million. This strategy aims to retain and motivate the team to reach growth targets. NXT specializes in technology for hydrocarbon and geothermal exploration using its SFD^® survey system, which is designed for efficient, environmentally friendly exploration.

NXT Energy Solutions has announced a private placement where MCAPM, LP and Michael Mork will acquire 8,750,000 common shares at CAD$0.195 each, totaling approximately CAD$1.7 million. Post-transaction, the Morks will own about 19.38% of NXT's outstanding shares, increasing their stake from 6,171,233 to 14,921,233 shares. The transaction is subject to TSX approval and expected to close in January 2022. The Morks intend to hold the shares for investment purposes without immediate plans for further acquisitions or changes to NXT's business structure.

NXT Energy Solutions Inc. (OTCQB: NSFDF) announced conditional approval from the TSX for a private placement of up to 11,900,770 common shares at $0.195 each, aiming for gross proceeds of approximately $2,320,650. As of December 22, 2022, $1,789,765 has been subscribed, with plans to complete the remaining $530,885 by January 27, 2023. Major shareholder Mork Capital will acquire 8,750,000 shares, increasing their stake to 18.72%. Proceeds will support general administrative and marketing costs, aiding ongoing contract negotiations for the deployment of NXT's SFD® technology.

NXT Energy Solutions Inc. (NSFDF) has successfully closed its previously announced rights offering, issuing 2,149,180 common shares at $0.18 each, generating gross proceeds of $386,852.40. This funding will facilitate working capital needs for SFD® surveys and essential administrative costs to convert potential opportunities into contracted projects. With this issuance, NXT now has a total of 67,776,293 common shares outstanding. The SFD® survey system uses advanced technology to enhance hydrocarbon and geothermal exploration.

NXT Energy Solutions Inc. (TSX: SFD; OTCQB: NSFDF) reported its Q3 2022 financial results, showing a net loss of CAD 1.65 million, with no SFD®-related revenues. Cash on hand was CAD 0.57 million, leading to a net working capital deficit of CAD 1.06 million. Year-to-date losses reached CAD 5.26 million. Despite financial challenges, management noted increased customer engagement and opportunities due to strong commodity prices and exploration activity. A Rights Offering is planned to raise approximately CAD 4 million to enhance working capital.

NXT Energy Solutions Inc. (NSFDF) will release its third quarter 2022 financial results on November 9, 2022, after market close. A conference call to discuss these results is scheduled for November 10, 2022, at 4:30 p.m. ET. Detailed financial and operational results will be available on SEDAR and EDGAR, as well as on NXT’s website. NXT focuses on utilizing its proprietary SFD® survey system for hydrocarbon and geothermal exploration, presenting a reliable and environmentally friendly option for clients.

NXT Energy Solutions Inc. (NSFDF) announced a rights offering for its shareholders, set to expire on November 30, 2022. Shareholders of record on November 7, 2022 will receive one right per common share held, with the ability to purchase one additional common share for every 2.95 rights at a price of $0.18. The offering aims to raise approximately $4.0 million for general administrative costs and business development. The rights will be tradable on the TSX before the expiry, with no minimum commitment required from investors.

NXT Energy Solutions Inc. reported financial results for Q2 2022, showing a net loss of CAD 1.77 million, with SFD®-related revenues of nil. Cash and short-term investments totaled CAD 1.12 million as of June 30, 2022. Year-to-date losses reached CAD 3.62 million. General and administrative expenses surged by 53% compared to Q2 2021. The company is focusing on hydrocarbon and geothermal business development, aiming for contracts in international markets. The CEO expressed confidence in future success due to increased survey opportunities.