Energy Exploration Technologies Inc.
OTC Bulletin Board : ENXTF

Energy Exploration Technologies Inc.

August 26, 2005 09:00 ET

NXT Announces $1.5 Million US Private Placement

CALGARY, ALBERTA--(CCNMatthews - Aug. 26, 2005) - Energy Exploration Technologies Inc. (OTCBB:ENXTF) (FWB:EFW) ("NXT" or the "Company") is pleased to announce that the Company is completing, subject to final documentation, a private placement for gross proceeds of approximately $1.5 million to $2.0 million U.S. of convertible debt to address the Company's current working capital deficiency and to provide funds for the Company to secure commercial contracts in North America and internationally. In addition, the Company will apply a portion of the funds to the completion of a prospectus for a planned TSX Venture Stock Exchange listing. The Company has received executed subscription agreements, a private commitment from a major Canadian investment dealer and notification of funds in trust, which in total represent substantially all of the gross proceeds of the private placement. The Convertible Debt bears an annual coupon rate of 10% and a basic conversion price of $0.70 per common share over an 18-month term with an attached full warrant priced at $1.00 exercisable for a period of two years.

NXT has commenced marketing its current inventory of proprietary Stress Field Detection ("SFD") generated "Prospect Areas" and is in survey contract discussions with several North American and international oil and gas companies.

NXT anticipates filing its quarterly report for the three-month and six-month periods ended June 30, 2005 in the next several days.

Contact Information

  • Energy Exploration Technologies Inc.
    George Liszicasz
    President & CEO
    (403) 264-7020
    Energy Exploration Technologies Inc.
    840 - 7th Avenue S.W., Suite 700
    Calgary, Alberta, Canada T2P 3G2
    (403) 264-7020
    (403) 264-6442 (FAX)