- Each of the 1,303,333 Warrants issued will entitle the holder to acquire one Share of NXT at an exercise price of US $1.20 and has a term of 2 years, expiring May 4, 2014;
- NXT has the option to call for acceleration of the expiry (the “Acceleration”, subject to a maximum of 50% in the first 6 months after issuance) of the Warrants if it issues a press release advising that its Shares have traded in excess of US $1.50 for 20 consecutive trading days on the Nasdaq OTCBB;
- Any Warrants subject to Acceleration shall expire 30 days after notice; and
- These new Shares and Warrants issued are subject to a hold period that expires September 5, 2012.
NXT now has a total of 39,554,959 outstanding common shares. The cumulative total for the recent 2012 private placement closings is summarized as follows:
|March||May 4||2012 total|
|Gross proceeds (in US$)||$||2,216,005||$||977,500||$||3,193,505|
|Proceeds, net of finder’s fees (in US$)||$||2,094,193||$||915,700||$||3,009,893|
|Number of Shares issued||2,954,672||1,303,333||4,258,005|
|Number of Warrants issued||2,954,672||1,303,333||4,258,005|
|Number of finder’s warrants issued||162,416||82,400||244,816|
|Total number of warrants issued||3,117,088||1,385,733||4,502,821|
NXT intends to use these total net proceeds to enhance its working capital position and for general corporate purposes, which may include execution of future SFD® survey contracts, undertaking expanded sales and marketing, IP protection and R&D initiatives, enhancing survey capacity, and to attract new staff and advisors.NXT also advises that it has terminated its contract with Equicom Group Inc. (“Equicom”), who has been providing investor relations advisory services to complement our internal efforts. NXT wishes to thank Equicom for its efforts over the past year. NXT is a Calgary based company whose proprietary airborne Stress Field Detection ("SFD®") survey system provides a proprietary survey method that can be used both onshore and offshore to remotely identify potential hydrocarbon traps and reservoirs. NXT provides its clients an efficient and reliable method to reduce time, costs, and risks related to exploration surveys. The SFD® survey system enables our clients to more efficiently focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization onto the 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. Forward-Looking Statements This news release includes forward-looking statements. When used in this document, words such as “intends”, “plans”, “anticipates”, “expects” and “scheduled”, are forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such a forward-looking statement 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. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor NASDAQ OTCBB Exchanges accept responsibility for the adequacy or accuracy of this release.