VANCOUVER, BC, August 26, 2024 – Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FRA: 7HI) (“Hillcrest” or the “Company”) is pleased to announce that, further to its news release on July 22, 2024, it has closed the most recent drawdown of the previously announced $5 million equity drawdown facility (the “Equity Facility”).
The Company has provided the third-party investor (the “Investor”) with a drawdown notice and on August 26, 2024, the Investor funded the Company with a drawdown amount of $540,000 (the “August Drawdown”). Pursuant to the terms of the Equity Facility, in connection with the August Drawdown the Company:
- issued the Investor 2,076,923 units of the Company (“Units”) at a deemed price of $0.26 per Unit. Each Unit is comprised of one common share in the capital of the Company (a “Share”) and one-half of one Share purchase warrant (each whole Warrant, a “Warrant”), each of which is excisable to acquire one additional Share at a price of $33 for a period of three years from the date of distribution; and
- issued the Investor 249,230 Shares at a deemed price of $0.26 per Share in satisfaction of the drawdown fee payable in connection with the July Drawdown.
The Company intends to use the proceeds from the Equity Facility, including the August Drawdown, for technology and product development, commercialization, and general working capital.
To date and in connection with past drawdowns, the Company has received a total of $1,465,673 in proceeds from the Equity Facility and issued 6,915,493 Shares and 3,225,336 Warrants. Of the 3,225,336 Warrants, all of which are exercisable for a period of three years from the date of distribution, 741,541 Warrants are exercisable at a price of $0.31, 547,044 are exercisable at a price of $0.30, 536,171 are exercisable at a price of $0.25, 362,119 are exercisable at a price of $0.28, and 1,038,461 are exercisable at a price $0.33. Additionally, the Company previously issued 1,022,830 Shares to the Investor in satisfaction of a Commitment Fee related to the Equity Facility.
All securities issued pursuant to the Equity Facility, including the July Drawdown, will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
CONTACT INFORMATION
Investor Relations Don Currie dcurrie@hillcrestenergy.tech +1-604-609-0006 Toll-free: 1-855-609-0006 Or Walter Frank/Jennifer Belodeau IMS Investor Relations hillcrest@imsinvestorrelations.com +1 203-972-9200 Public Relations Jamie Hogue jhogue@hillcrestenergy.tech +1 602-793-9481
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The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.
The securities of the Company referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. Accordingly, the securities of the Company may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Cautionary Statement Regarding “Forward-Looking” Information