Hillcrest Energy Technologies Ltd V.HRH

RE:NEWS

[rainorshine59]

Float up 50% with these events. (assuming the additional warrants get exercised down the road)

Potentially increases Mkt Cap by $4+MM at current levels to $12+MM.

All good if this device is for real, whatever it is or whoever's it is.

AzoreanAce9 wrote:

August 4, 2020 -TheNewswire -VANCOUVER, B.C. -  Hillcrest Petroleum Ltd.(the "Company" or "Hillcrest"), (TSXV:HRH), (OTC:HLRTF) is pleased to announce the non-brokered private placement of up 20,000,000 units of the Company (the "Units") at a price of $0.05 per Unit for gross proceeds of up to $1,000,000 (the "Offering") has been oversubscribed resulting in 20,442,000 units being purchased for a total of $1,022,100.00. Each Unit consists of one common share (a "Share") and one-half of a share purchase warrant (a "Warrant"). Each whole Warrant will be exercisable into an additional common share of the Company at a price of $0.07 per common share for a period of two years.

The Company intends to use the proceeds of the Offering to fund expansion of the West Hazel oil asset in Saskatchewan, as announced in a news release of the Company dated July 14, 2020, to retire certain payables related to the Company's oil and gas assets in Saskatchewan, and for general working capital purposes. All securities issued in connection with the Offering are subject to a four month hold period in accordance with applicable securities laws.

Hillcrest is also pleased to announce the closing of its previously announced early warrant exercise incentive program (the "Incentive Program") intended to encourage the early exercise of up to 22,894,446 outstanding common share purchase warrants of the Company (the "Eligible Warrants"). . Subsequent to the Company receiving conditional approval of the TSX Venture Exchange, 17,479,668 Eligible Warrants were exercised resulting in gross proceeds of $873,984.00. The proceeds are anticipated to be used by the Company to accelerate the retirement of payables and outstanding loans, other corporate initiatives and general working capital purposes. Additional details regarding the Incentive Program are contained in the Company's news releases dated July 13, 2020 and July 22, 2020.