VANCOUVER, B.C. – Hillcrest Petroleum Ltd. (the “Company” or “Hillcrest”) is pleased to announce the Company has signed an engagement agreement with Entoro Capital, LLC (“Entoro”) headquartered in Houston, Texas to establish a digital or crypto currency Initial Coin Offering (“ICO”). The focus will be on an asset backed energy security coin offering that will utilize the best of breed blockchain technologies for the Canadian energy market.
Hillcrest engaged Entoro as the Company’s agent to provide investment banking, business development and consulting services in partnership with the Company in potential financing transactions using digital and crypto currencies for acquisitions and development of the Company’s business plan focused in Alberta and Saskatchewan, Canada.
Entoro, through their relationships and contacts within the investment community, will advise and assist the Company to raise capital through a funding of an ICO offering and will assist in identifying and evaluating potential ICO investors. The ICO will be structured and offered through a wholly-owned subsidiary of Hillcrest. The offering will be available for investment through various exemptions and regulations currently in effect in Canada, the United States and other jurisdictions around the world.
Any ICO completed would proceed through appropriate regulatory channels to ensure that all activities are compliant and approved by the relevant regulators in jurisdictions where the financing will be offered. The White Paper, distribution plan and process will be forthcoming and available from the Company and/or Entoro.
“Hillcrest is excited to be working with Entoro Capital and jointly pursuing an ICO as an alternate form of financing which could result in additional value for the Company” states Hillcrest CEO Don Currie. “The investment community has been extremely supportive of alternate currencies and Hillcrest looks forward to participating in this new and rapidly evolving investment process. The Company will use Western Canadian reserves and production as the value basis for an ICO and will be better placed to attract a broader spectrum of investors. An ICO is considered to be a particularly effective funding alternative for Hillcrest as it may provide access to substantial capital funding to deliver value growth from our existing and new Western Canadian oil and gas projects, without exposing existing shareholders to potential dilution through conventional equity funding.”
For more information on Hillcrest Petroleum Ltd, contact Don Currie toll free at 1-855-609-0006 or visit the Company’s website at www.hillcrestpetroleum.com
ON BEHALF OF THE BOARD
Chief Executive Officer and Director
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.