An exclusive licence to utilise, distribute, sublicense, market, and sell NXT's SFD solutions in Africa has been granted to Synergy E&P Technologies Limited via a ten-year strategic alliance and finance agreement announced by NXT Energy Solutions Inc.
The offshoot of Synergy, PE Energy Limited, has already worked with NXT on a number of commercial projects in Africa.
With this new agreement, Synergy will advance the SFD® technology to address energy security in Africa and the continent's transition to geothermal and oil and gas sources. In order to train regional technical teams and regulatory bodies on the application of the patented SFD® technology and related knowledge transfer, Synergy and NXT will collaborate closely.
An affiliate of Synergy has decided to take part in a US$2.3 million convertible debenture transaction, building on a track record of productive partnerships supported by the ongoing market demand in Africa. The Convertible Debenture's terms include a fixed conversion price of CAD$0.194 (US$0.143) per common share, a quarterly interest rate of 10%, and the authority to appoint a board member. The Company has requested conditional approval from the Toronto Stock Exchange for this convertible debt issuance.
Converting NXT's existing opportunity pipeline into firm contracts will require business development and marketing efforts, which will be paid for with the proceeds from the convertible debenture.
The securities mentioned here haven't been registered under the 1933 Act, as amended (the "1933 Act"), or any state securities laws, and they won't be either. As a result, they can't be offered or sold in the United States unless they do so in accordance with the 1933 Act's registration requirements, any applicable state securities laws, or they do so under an exemption from those requirements.
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