NXT Energy Solutions Inc announced a subscription agreement and issued convertible debentures at a the principal amount of $2,000,000 (CAD 2,742,800) for a gross proceeds of $2,000,000 on June 3, 2024. The transaction included participation from MCAPM LP. The Debentures bear interest at 10% per annum, paid quarterly in arrears, and are due and payable two years after the issue date.

The Debentures are convertible into common shares of common share at a conversion price of $0.25 (CAD 0.3428) per Common Share which provides MCAPM LP with the right to obtain up to 8,000,000 common shares of NXT.