Hillcrest Energy Technologies Ltd (CSE:HEAT, OTCQB:HLRTF) announced that it has closed the third and final tranche of its oversubscribed non-brokered private placement.
The clean energy technology company said it issued 6,762,000 units at $0.25 each for gross proceeds of $1.69 million.
The total placement size was 12,874,000 units which raised just over $3.2 million.
Each unit consisted of a share and a share purchase warrant entitling the holder to acquire a share at $0.30 per share for 36 months from the date of issuance, subject to certain conditions.
In connection with the closing of the final tranche, the company paid finders fees of $630 and issued 2,520 share purchase warrants to certain arms-length finders. It also issued 459,540 units to two arm’s length service providers.
Each finder's warrant entitles the holder to purchase a share for $0.25 until April 30, 2027, subject to certain conditions.
Hillcrest intends to use the proceeds from the private placement for technology and product development, commercialization, general working capital and the payment of $300,000 in fees to service providers providing marketing and investor relations services to the company.