Hillcrest Completes Private Placement Raising Over $1.19 Million

Hillcrest Energy Technologies, a Canadian company, has finalized its non-brokered private placement of units, generating gross proceeds of $1,195,247.85. Announced earlier in May, the offering saw the issuance of 7,968,319 units at $0.15 per unit. Each unit consists of one common share and one purchase warrant, allowing the acquisition of an additional share at $0.20 within 24 months.

The funds raised will address existing payables, pay new advisors, and bolster working capital. Additionally, Hillcrest paid $19,999.99 in cash finder's fees and issued 133,333 non-transferable finder's warrants under similar terms.

The issued securities are subject to a four-month holding period per Canadian regulations. The company's focus remains on clean technology, particularly in power conversion and digital control systems.