In aggregate Hillcrest has now raised US$810,000 through the oversubscribed fund-raising process.
The company said the cash is earmarked for debt repayment as well as to support the evaluation of new projects, and to provide working capital.
In November, Hillcrest closed the sale of two Gulf of Mexico properties. It is now focusing on onshore assets and it is looking at new opportunities.
Hillcrest is issuing units, comprising equity and share warrants, with a total of 16.2mln units being sold to investors priced at 5 Canadian cents – 7.3mln units were sold in the first tranche, and 8.9mln were sold in the second.