NXT Energy Solutions Receives US $3.5 Million From Exercise of Warrants and Completes Kerogen Survey Projects
01 April 2014 - 9:00PM
Marketwired
NXT Energy Solutions Receives US $3.5 Million From Exercise of
Warrants and Completes Kerogen Survey Projects
CALGARY, ALBERTA--(Marketwired - Apr 1, 2014) - NXT Energy
Solutions Inc. ("NXT Energy" or the "Company")
(TSX-VENTURE:SFD)(OTCBB:NSFDF) advises that a cumulative total of
2,897,085 of its outstanding common share purchase warrants have
been exercised to date, resulting in proceeds to the Company of US
$3,476,502.
NXT Energy also advises that it recently completed and delivered
its recommendations reports related to two SFD® survey
projects it conducted in Florida and Texas for Kerogen Exploration
LLC. The combined value of these projects was US $3.68 million, of
which the final progress billings of US $1.1 remain to be
collected.
The Company currently holds cash and short-term investments of
approximately US $7.5 million. George Liszicasz, President and CEO
of NXT Energy noted, "This gives the Company a very strong
financial position, as we continue to advance several new and
repeat customer survey contract opportunities. We are confident
these efforts will lead to larger survey projects in 2014."
A total of 4,502,821 common share purchase warrants were issued
in 2012, as part of a private placement financing. Each warrant
entitled the holder to purchase one common share of the Company at
an exercise price of US $1.20 for a period of two years, with
expiry dates ranging from March 7 to May 4, 2014. A total of
1,350,000 warrants, expiring May 4, 2014, remain outstanding. The
Company's issued capital currently consists of 44,726,376 common
shares and 8,000,000 convertible preferred shares (which mature on
December 31, 2015).
The Company intends to use the proceeds from the warrant
exercises for general corporate purposes, which may include
execution of future SFD® survey contracts, and undertaking
expanded sales and marketing, patent, and R&D initiatives.
NXT Energy is a Calgary based company whose proprietary
Stress Field Detection ("SFD®") survey system
utilizes quantum-scale sensors to detect gravity field
perturbations in an airborne survey method which can be used both
onshore and offshore to remotely identify areas with exploration
potential for traps and reservoirs. The SFD®
survey system enables our clients to focus their hydrocarbon
exploration decisions concerning land commitments, data acquisition
expenditures and prospect prioritization on areas with the greatest
potential. SFD® is environmentally friendly and
unaffected by ground security issues or difficult terrain, and is
the registered trademark of NXT Energy Solutions Inc. NXT Energy
provides its clients with an effective and reliable method to
reduce time, costs, and risks related to exploration.
Forward-Looking Statements
This news release may include forward-looking statements.
When used in this document, words such as "intends", "plans",
"anticipates", "expects" and "scheduled", are forward-looking
statements. Forward-looking statements in this press release
include statements regarding the potential use of proceeds received
from the exercise of warrants. Forward-looking statements are
subject to a wide range of risks and uncertainties, and although
the Company believes that the expectations represented by such
forward-looking statements are reasonable, there can be no
assurance that such expectations will be realized. Any number of
factors can cause actual results to differ materially from those in
the forward-looking statements. Risk factors facing NXT Energy are
described in its most recent MD&A for the year ended December
31, 2012 which has been filed electronically by means of the System
for Electronic Document Analysis and Retrieval ("SEDAR") located at
www.sedar.com. Such forward-looking statements are made as at the
date of this news release, and the Company assumes no obligation to
update or revise them, either publicly or otherwise, to reflect new
events, information or circumstances, except as may be required
under applicable securities law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) nor the OTC Exchange accept responsibility for
the adequacy or accuracy of this release.
NXT Energy Solutions Inc.Greg LeavensVP Finance & CFO(403)
206-0805NXT Energy Solutions Inc.George LiszicaszPresident &
CEO(403) 206-0800www.nxtenergy.comInvestor Relationskin
communications inc.Arlen Hansen, President(604) 684-6730 /
1-866-684-6730sfd@kincommunications.comwww.kincommunications.com
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