Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FRA: 7HIA.F), a pioneering clean-technology company offering transformative power-conversion technologies and state-of-the-art control system solutions, has announced a “best-efforts” brokered private placement. The placement is comprised of 10,000,000 units priced at $0.50 per unit resulting in gross proceeds of up to $5 million. The company noted that each unit includes one common share and one common share purchase warrant, with each warrant entitling the holder to acquire an additional common share $0.60 up to 24 months from the date of issuance. Canaccord Genuity Corp. is serving as lead agent and bookrunner and is working with other agents including PI Financial Corp. and Moneta Advisory Partners Corp. Currently, the company anticipates the offering will close on or around Sept. 26, 2023. According to the announcement, the company may also complete a concurrent nonbrokered private placement (“NBPP”). That placement may consist of 8,500,000 units for gross proceeds of up to $4,250,000. That announcement noted that there is no minimum concurrent NBPP and closing of the offering is not conditional upon the closing of the concurrent NBPP. Hillcrest plans to use the proceeds of both the offering and the concurrent NBPP for technology and product development and commercialization, as well as general working capital.
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About Hillcrest Energy Technologies Ltd.
Hillcrest Energy Technologies is a clean-technology company developing high-value, high-performance 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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