CALGARY, Alberta, May 24, 2023 (GLOBE NEWSWIRE) — NXT Energy Solutions Inc. (“NXT” or the “Company”) SFDNSFDF is pleased to announce a ten year strategic alliance and related financing with Synergy E&P Technologies Limited (“Synergy”) granting Synergy an exclusive license to use, distribute, sub-license, market and sell SFD® solutions granted by NXT in Africa.

PE Energy Limited, a subsidiary of Synergy, has historically completed several commercial projects with NXT in Africa.

With this new agreement, Synergy will advance SFD® technology to improve energy security and transition on the African continent for both oil and gas and geothermal wells. Synergy and NXT will work closely to train local technical teams and regulators on the patented SFD® technology application and associated knowledge transfer.

Building on a series of successful collaborations, fueled by continued market demand in Africa, a Synergy subsidiary has agreed to participate in a $2.3 million convertible debenture financing. Terms of the convertible debenture include an interest rate of 10% paid quarterly, a fixed conversion price of CAD$0.194 (US$0.143) per common share and the right to appoint one director. The Company has filed with the Toronto Stock Exchange for conditional approval of this convertible debenture financing.

Proceeds from the convertible debenture will be used to fund general and administrative expenses, including business development and marketing activities, to convert NXT’s existing pipeline of opportunities into firm contracts.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any other state securities laws, and accordingly may not be offered or sold within the United States except in Compliance with the registration requirements of the 1933 Act and applicable state securities requirements or exemptions…