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Hillcrest Petroleum raises a further C$445,000 in oversubscribed placing

Hillcrest has now raised US$810,000 through the oversubscribed fund raising process.

Canadian money, dollars
The cash will be used to repay debt and support the evaluation of new projects

Hillcrest Petroleum Ltd (CVE:HRH) has confirmed it has raised C$445,000 of new capital through the second tranche of a private non-brokered placement.

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.

Quick facts: Hillcrest Petroleum Ltd

Price: 0.015 CAD

TSX-V:HRH
Market: TSX-V
Market Cap: $1.86 m
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