Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FSE: 7HI), an innovative clean-technology company redefining power-conversion technologies, has closed the third and final tranche of its oversubscribed nonbrokered private placement. The final tranche is comprised of 6,762,000 units at $0.25 per unit, resulting in estimated gross proceeds of $1,690,500; all three tranches included 12,874,000 units for gross proceeds of $3,218,500. The announcement noted that each unit consisted of one common share in the capital of the company and one common share purchase warrant. In connection with the closing of the final tranche, Hillcrest paid $630 in commissions and finders fees and issued 2,520 share purchase warrants to certain arm’s length finders; the company also issued 459,540 units to two arm’s length service providers in connection with the private placement. In connection with the private placement, three subscribers, including CEO Don Currie, sold 2,657,000 common shares and used the proceeds to facilitate their participation in the private placement. The company anticipates use the funds from the private placement for technology and product development, commercialization, general working capital and the payment of fees to service providers providing marketing and investor relations services.
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About Hillcrest Energy Technologies Ltd.
Hillcrest Energy Technologies is a clean-technology company focused on providing advanced power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems. From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power a more sustainable and electrified future. For more information about the company, please visit www.HillcrestEnergy.tech.
NOTE TO INVESTORS: The latest news and updates relating to HLRTF are available in the company’s newsroom at https://ibn.fm/HLRTF
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