Following the announcement made by NXT Energy Solutions Inc (OTCMKTS:NSFDF) on Thursday it is quite likely that the stock is going to come into focus among investors today.
Market Action
On Thursday, NSFDF stock ended flat at $0.1400 with more than 10 shares, compared to its average volume of 21.20K shares. The stock moved within a range of $0.1400 – 0.1400 after opening trading at $0.1400.
NXT Announces $2.32 Million Private Placement Offering of Which $1.79 Million Has Been Subscribed by Insiders
The company came into the news cycle yesterday after it announced that it had got the approval for its multi-tranche private placement from the Toronto Stock Exchange. As per the provisions of the above mentioned private placement, the participants are going to get the opportunity to pick up to 11,900,700 common shares in NXT Energy Solutions and the shares are going to be priced at $0.195 each. The company is going to be able to generate gross proceeds to the tune of as much as $2,320,650 from the transaction.
In this regard, it should be noted that as of yesterday participants have already subscribed to as many as 9,178,282 shares and that works out to gross proceeds of as much as $1,789,765. It was noted that NXT Energy Solutions hoped to complete the private placement for the rest of the shares by January 27 next year. The common shares that the company issued for the purposes of this private placement are going to have a hold period of four months.
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