VANCOUVER, B.C. – Hillcrest Petroleum Ltd. (the “Company” or “Hillcrest”) announces that on December 31st 2019, a secured loan of Five Hundred Fifty Seven Thousand Eighty One dollars and 34 cents ($557,081.34) was converted into common shares of the company at a price of Five cents (0.05) per share for a total of 11,141,627 shares. Don Currie, Hillcrest Petroleum CEO, was the lender of record for half the loan and received 5,570,813 of the total shares issued. Following the conversion of the Loans, Hillcrest Petroleum Ltd. has a total of 123,679,299 common shares outstanding.
The company has ongoing discussions with other lenders to secure additional debt to equity conversions in an effort to retire debt in order to improve the Company’s balance sheet and financial statements.
“Hillcrest Petroleum is focused on improving our balance sheet, where possible, and is pleased that Mr. Currie converted his portion of a loan into shares valued at .05 cents in a .035 cent market” stated Mike Krzus, Hillcrest Executive Chairman “The Company will advise our shareholders when and if other conversions are completed.”
For more information on Hillcrest Petroleum Ltd., contact Donald Currie toll free at 1-855-609-0006 or visit the Company’s website at www.hillcrestpetroleum.com.
ON BEHALF OF THE BOARD
Donald Currie
Chief Executive Officer and Director
CONTACT INFORMATION
For more information on Hillcrest Petroleum Ltd., contact Donald Currie toll free at 1-855-609-0006 or visit the Company’s website at www.hillcrestpetroleum.com.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. This forward-looking information is provided as of the date of this news release. The forward-looking information reflects our current expectations and assumptions and is subject to a number of known and unknown risks, uncertainties and other factors, which may cause actual results, performance, or achievements to be materially different from any anticipated future results, performance or expectations expressed or implied by the forward-looking information. No assurance can be given that these assumptions will prove correct. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Investors are advised to consider the risk factors under the heading “Risks and Uncertainties” in the Company’s MD&A for the year ended December 31, 2021, available at www.sedar.com for a discussion of the factors that could cause the Company’s actual results, performance and achievements to be materially different from any anticipated future results, performance, or achievements expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.