NXT Energy Solutn (TSE:SFD) has released an update.
NXT Energy Solutions Inc. has announced a successful private placement of US$2 million in convertible debentures to MCAPM LP, which may lead to a significant increase in MCAPM’s ownership stake in the company, pending shareholder approval. This financial move aims to bolster NXT’s working capital for upcoming projects in South East Asia and to cover general costs, including those associated with business development and marketing. Should MCAPM exercise their conversion rights in full, they could own approximately 28.1% of NXT’s common shares, potentially establishing them as a new control person under TSX rules.
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