NXT Energy Solutions Inc. Announces Results of AGM

Rhea-AI Summary

NXT Energy Solutions Inc. (TSX:SFD)(OTCQB:NSFDF) held its Annual Meeting of Shareholders on July 15, 2024, with several key resolutions approved. Shareholders elected eight directors to serve until the next annual meeting. MNP LLP was appointed as the company's auditors for the upcoming year. Notably, MCAPM LP was approved as a new control person, and shareholders granted them the option to convert convertible debentures into common shares, potentially exceeding 10% of outstanding shares. Additionally, directors were given the option to convert convertible debentures acquired in a private placement into common shares. All resolutions passed with overwhelming majority, with most receiving over 99% approval from voting shareholders.

Positive

• High shareholder approval rates for all resolutions, indicating strong investor confidence
• Appointment of MNP LLP as auditors, ensuring continued financial oversight
• Approval of MCAPM LP as new control person, potentially bringing in strategic investment
• Directors granted option to convert debentures to shares, aligning their interests with shareholders

Negative

• Potential dilution of existing shareholders due to approved convertible debenture options

CALGARY, AB / ACCESSWIRE / July 16, 2024 / NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX:SFD)(OTCQB:NSFDF) is pleased to provide the voting results from its Annual Meeting of Shareholders held on July 15, 2024.

Shareholders approved the following:

• Election of Directors: Eight directors of the Company were elected to hold office until the next annual meeting of shareholders or until their successors are duly elected or appointed.

• Appointment of Auditors: MNP LLP were appointed as the auditors of the Company for the next year at a remuneration to be determined by the Board of Directors.

• Control Person Resolution. The resolution to approve MCAPM LP as new control person was approved.

• Insider Participation Resolution. The resolution to allow MCAPM LP the option to convert convertible debentures acquired in private placements into the Company's common shares, over 10% of the Company's outstanding shares was approved.

• Security Based Compensation Arrangement. The resolution to allow the Company's directors the option to convert convertible debentures acquired in a private placement into the Company's commons shares was approved.

Further details are set out in the Company's Information Circular dated June 13, 2024 posted on the Company's website and filed on www.sedarplus.ca.

Specific voting results are as follows:

Description of Matter	# of Votes For	% of Votes For	# of Votes Withheld/ Against	% of Votes Withheld/ Against
Election of the following Directors:
Peter Mork	50,967,553	99.93%	37,514	0.07%
Theodore Patsellis	49,511,359	97.07%	1,493,708	2.93%
Charles Selby	49,631,706	97.31%	1,373,361	2.69%
Gerry Sheehan	51,002,700	100.00%	2,367	0.00%
John Tilson	50,811,956	99.62%	193,111	0.38%
Thomas E. Valentine	50,598,630	99.20%	406,437	0.80%
Bruce G. Wilcox	50,995,267	99.98%	9,800	0.02%
Eugene Woychyshyn	51,002,700	100.00%	2,367	0.00%
Appointment of Auditors	55,021,037	99.58%	229,664	0.42%
Control Person Resolution	36,046,220	99.90%	37,614	0.10%
Insider Participation Resolution	36,046,220	99.90%	37,614	0.10%
Security Based Compensation Resolution	42,881,752	99.85%	65,664	0.15%

About NXT Energy Solutions Inc.

NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary airborne SFD® survey system, applied in numerous basins around the world, uses the principles of quantum mechanics to infer stress anomalies of exploration interest. The method can be used both onshore and offshore to remotely identify areas conducive to fluid entrapment in order to recommend areas with commercial hydrocarbon and/or geothermal potential. The SFD® survey system enables our clients to focus their 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 Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.

Contact Information

For investor and media inquiries please contact:

Eugene Woychyshyn	Michael Baker
Vice President of Finance & CFO	Investor Relations
302, 3320 - 17th AVE SW	302, 3320 - 17th AVE SW
Calgary, AB, T3E 0B4	Calgary, AB, T3E 0B4
+1 403 206 0805	+1 403 264 7020
nxt_info@nxtenergy.com	nxt_info@nxtenergy.com
www.nxtenergy.com	www.nxtenergy.com

SOURCE: NXT Energy Solutions, Inc.

View the original press release on accesswire.com

FAQ

What were the main resolutions approved at NXT Energy Solutions' (NSFDF) 2024 AGM?

The main resolutions approved at NXT Energy Solutions' 2024 AGM included the election of eight directors, appointment of MNP LLP as auditors, approval of MCAPM LP as a new control person, and granting options to convert convertible debentures into common shares for both MCAPM LP and company directors.

What was the voting result for the Control Person Resolution for NXT Energy Solutions (NSFDF)?

The Control Person Resolution for NXT Energy Solutions (NSFDF) was approved with 99.90% of votes in favor, representing 36,046,220 votes for and 37,614 votes against.

How many directors were elected to NXT Energy Solutions' (NSFDF) board at the 2024 AGM?

Eight directors were elected to NXT Energy Solutions' (NSFDF) board at the 2024 AGM, to hold office until the next annual meeting of shareholders or until their successors are duly elected or appointed.

What was the approval rate for the Security Based Compensation Resolution at NXT Energy Solutions' (NSFDF) 2024 AGM?

The Security Based Compensation Resolution at NXT Energy Solutions' (NSFDF) 2024 AGM was approved with 99.85% of votes in favor, representing 42,881,752 votes for and 65,664 votes against.