Common shares

12 Months Ended

Dec. 31, 2022

Shareholders' Equity

Common Shares

15. Common shares

The Company is authorized to issue an unlimited number of common shares, of which the following are issued and outstanding:

	For the years ended December 31,
	2022				2021
	# of shares		$ amount		# of shares		$ amount
As at the beginning of the year		65,250,710	$	95,779,352		64,437,790	$	95,327,123
Rights offering, net of issuance costs		2,149,180		216,062		-		-
Private placement, net of issuance costs		1,148,282		216,182		-		-
Employee Share Purchase Plan		188,633		89,127		304,550		173,023
Restricted Stock Units		212,304		122,925		208,370		114,604
SFD® Geothermal Right (Note 9)		-		-		300,000		164,602
As at the end of the year		68,949,109		96,423,648		65,250,710		95,779,352

For the year ended December 31,
	2020
	# of shares		$ amount
As at the beginning of the year		64,406,891	$	95,313,064
Employee Share Purchase Plan		30,899		14,059
As at the end of the year		64,437,790		95,327,123

On December 2, 2022, NXT closed the Rights Offering that had been announced on October 31, 2022. The Company issued 2,149,180 common shares a price of $0.18 per common share, for aggregate gross proceeds of a $386,852. Share issue costs of $170,790 were recorded as a reduction to share capital.

On December 22, 2022 the Company announced a multi-tranche private placement (the “Private Placement”) at $0.195 per share. At December 22, 2022 the Company issued 1,148,282 common shares for gross proceeds of $223,915 in the first tranche, less issuance costs of $7,732.

January 25, 2023, the Company closed the Private Placement by issuing an additional 8,510,000 common shares, at $0.195 per common shares, for additional aggregate gross proceeds of approximately $1,659,450, less issuance costs of $1,170.

In December 2021, the TSX approved the issuance of 300,000 common shares for the SFD^® Geothermal Right for a value of $207,300 less issuance costs of $42,697 (Note 9). Before the approval of the TSX, the Company recorded the value of the common share consideration in Contributed capital.