NXT Energy Solutions Inc (OTCMKTS:NSFDF) Stock Jumps 27% But Why

There were a number of companies which were in the news on Monday and one of those was NXT Energy Solutions Inc (OTCMKTS:NSFDF), which came up with a significant new announcement.

Trading Data

On Monday, NSFDF stock soared 26.67% to $0.1900 with more than 89.50K shares, compared to its average volume of 8.79K shares. The stock moved within a range of $0.1600 – 0.1900 after opening trading at $0.1600.

NXT Announces Closing of First Tranche of US$2.3 Million Convertible Debenture, New Board Member and Revised AGM Date

The company announced that it had received $1.2 million from out of the $2.3 million worth of convertible debenture from Ataraxia Capital, an affiliate of the firm Synergy E&P Technologies Limited. The rest of the money would be disbursed to NXT Energy Solutions by Ataraxia in the near future. The securities which were a part of the transaction would not be registered under the provisions of the States Securities Act of 1933 or other securities laws.

As a consequence, the securities may not be offered for sale in the United States, in line with the provisions of the registration requirements of the States Securities Act of 1933 and other securities laws. The company went on to add that the press release it put out yesterday was not to be seen as an offer to sell or a solicitation for an offer to buy. NXT Energy Solutions went on to add that it had also appointed a new board member in the form of Theodore Patsellis, who would be a representative of Ataraxia.