NXT Energy Solutions: Conversion of Convertible Debentures by Mork Capital

Mork Capital, comprising MCAPM, LP and Michael P. Mork, has announced the conversion of substantial convertible debentures into common shares of NXT Energy Solutions. This follows the filing of an early warning report under the National Instrument 62-103, indicating a significant shift in ownership stakes within the company. The debentures involved were initially issued in November 2023, January 2024, and May 2024, amounting to a total principal of USD$3,375,000.

Following this conversion, Mork Capital has significantly increased its stake, now owning approximately 28% of NXT's issued common shares, up from 16% prior to the conversion. The new holding equates to 30,526,321 shares. Mork Capital intends to hold these shares for investment, with potential future actions contingent on market and economic factors.

The early warning report is accessible via NXT's profile on SEDAR, offering transparency on this strategic financial maneuver. As market conditions evolve, changes in Mork Capital's engagement with NXT remain a possibility.