MCAPM, LP and Michael P. Mork Acquire Convertible Debenture of NXT Energy Solutions Inc.
HEALDSBURG, Calif., Nov. 09, 2023 (GLOBE NEWSWIRE) — MCAPM, LP and Michael P. Mork (together “Mork Capital”) announced today that on November 8, 2023, they subscribed for and received an aggregate principal amount of US$1,000,000 (approximately CAD$1,379,000) of unsecured convertible debentures (the “Debentures”) of NXT Energy Solutions Inc. TSX:SFD; OTCQB:NSFDF) (“NXT“) in a non-brokered private placement (with MCAPM, LP acquiring a Debenture with an aggregate principal amount of US$900,000 (CAD$1,241,100) and Michael Mork acquiring a Debenture with an aggregate principal amount of US$100,000 (CAD$137,900). The Debentures bear interest at 10.0% per annum and are due and payable in full on November 8, 2025. The Debentures are convertible into common shares in the capital of NXT (the “Common Shares”) at a conversion price of US$0.1808 (CAD$0.25) per Common Share which provides Mork Capital with the right to obtain an additional 5,530,973 Common Shares. However, due to the current shareholdings of Mork Capital in NXT, no conversion of the Debentures can occur until shareholder approval of NXT’s shareholders is obtained. Mork Capital currently own an aggregate of 14,921,233 Common Shares, representing 19.13% of the currently issued and outstanding Common Shares of NXT. With the acquisition of the Debentures, Mork Capital will have the right to own, after conversion of the Debentures, 20,452,206 Common Shares, representing approximately 24.48% of the issued and outstanding Common Shares (after giving effect to the conversion of the full amount of Debentures). In addition, NXT has agreed to appoint a representative from Mork Capital to its board of directors in the near future.