NXT Energy Solutions Secures US$0.5 Million Convertible Debenture

Calgary-based NXT Energy Solutions Inc. has announced receiving the first tranche of a US$900,000 convertible debenture from Ataraxia Capital, amounting to US$500,000. This agreement, signed in 2023, has received conditional approval from the Toronto Stock Exchange. The debentures carry a 10% annual interest rate, payable quarterly, and are due in two years. They are convertible into common shares at US$0.24 per share, granting Ataraxia potential ownership of up to 2,083,333 shares.

The funds raised will support NXT's upcoming SFD® surveys in Africa and Southeast Asia, along with other administrative expenses. Ataraxia, already holding US$1.4 million in debentures from a 2023 agreement, will expand its ownership to potentially 14.7% of NXT's common shares once all tranches are completed. NXT CEO Bruce G. Wilcox expressed satisfaction with Ataraxia's increased investment, aiding forthcoming projects.