NXT ENERGY SLTNS INC ORD - NSFDF STOCK NEWS

NXT Energy Solutions Inc. announced the sudden passing of CEO George Liszicasz on January 23, 2023. His health had been declining for months, leading to a committee of the Board assuming his responsibilities. Liszicasz was dedicated to enhancing the commercial application of the stress field detection (SFD®) technology for oil, gas, and geothermal exploration. The company will continue its operations under the Committee's leadership, collaborating closely with qualified management to provide SFD® surveys and services as contracts progress. NXT offers environmentally friendly and efficient survey solutions to assist clients in making informed exploration decisions.

NXT Energy Solutions Inc. announced a leadership change as CEO George Liszicasz takes a medical leave of absence. A Board committee, led by Lead Director Charles Selby, will oversee the CEO's responsibilities. This committee aims to formalize new contracts for NXT's stress field technology while continuing management operations. Additionally, Frank Ingriselli has resigned from the Board to become CEO of Trio Petroleum Corp., with NXT expressing gratitude for his contributions, especially in Southeast Asia. The company's innovative SFD® survey system enhances hydrocarbon and geothermal exploration, aiming to reduce costs and risks.

NXT Energy Solutions Inc. has raised an additional $1,600,950 by issuing 8,210,000 common shares as part of a private placement valued at $2.32 million. This brings the total raised to $1,824,865 through 9,358,282 common shares sold at $0.195 each. Notably, Mork Capital acquired 8,750,000 shares, now holding approximately 19.3% of the company. The remaining $495,785 will be finalized by January 27, 2023. These shares are subject to a four-month hold period.

NXT Energy Solutions Inc. announced the grant of 2,050,000 incentive stock options priced at $0.216 to its employees, officers, and directors. The options will vest upon the achievement of specific cash collection milestones: 1/3 after US$6.5 million, another 1/3 after US$7.0 million, and the final 1/3 after an additional US$7.5 million. This strategy aims to retain and motivate the team to reach growth targets. NXT specializes in technology for hydrocarbon and geothermal exploration using its SFD^® survey system, which is designed for efficient, environmentally friendly exploration.

NXT Energy Solutions has announced a private placement where MCAPM, LP and Michael Mork will acquire 8,750,000 common shares at CAD$0.195 each, totaling approximately CAD$1.7 million. Post-transaction, the Morks will own about 19.38% of NXT's outstanding shares, increasing their stake from 6,171,233 to 14,921,233 shares. The transaction is subject to TSX approval and expected to close in January 2022. The Morks intend to hold the shares for investment purposes without immediate plans for further acquisitions or changes to NXT's business structure.

NXT Energy Solutions Inc. (OTCQB: NSFDF) announced conditional approval from the TSX for a private placement of up to 11,900,770 common shares at $0.195 each, aiming for gross proceeds of approximately $2,320,650. As of December 22, 2022, $1,789,765 has been subscribed, with plans to complete the remaining $530,885 by January 27, 2023. Major shareholder Mork Capital will acquire 8,750,000 shares, increasing their stake to 18.72%. Proceeds will support general administrative and marketing costs, aiding ongoing contract negotiations for the deployment of NXT's SFD® technology.

NXT Energy Solutions Inc. (NSFDF) has successfully closed its previously announced rights offering, issuing 2,149,180 common shares at $0.18 each, generating gross proceeds of $386,852.40. This funding will facilitate working capital needs for SFD® surveys and essential administrative costs to convert potential opportunities into contracted projects. With this issuance, NXT now has a total of 67,776,293 common shares outstanding. The SFD® survey system uses advanced technology to enhance hydrocarbon and geothermal exploration.

NXT Energy Solutions Inc. (TSX: SFD; OTCQB: NSFDF) reported its Q3 2022 financial results, showing a net loss of CAD 1.65 million, with no SFD®-related revenues. Cash on hand was CAD 0.57 million, leading to a net working capital deficit of CAD 1.06 million. Year-to-date losses reached CAD 5.26 million. Despite financial challenges, management noted increased customer engagement and opportunities due to strong commodity prices and exploration activity. A Rights Offering is planned to raise approximately CAD 4 million to enhance working capital.