Hillcrest Energy Technologies (CSE:HEAT, OTCQB:HLRTF) Inc revealed that Mercer Street Global Opportunity Fund, LLC has agreed to invest additional capital into the company by way of a $1,500,000 lead order in a non-brokered equity private placement.
Mercer Street was introduced to the company by Amvest Capital (acting through Four Points Capital Partners, LLC) and participated in a financing announced on April 12, 2021.
All funds raised will be used towards the development and commercialization of the company’s clean energy technologies. Hillcrest Energy recently announced that it has achieved technical proof of concept for its High Efficiency Inverter (HEI) designed to boost the performance of electric vehicles (EV’s).
“We are honoured to have Mercer Street continue to invest in our company," said Don Currie, Hillcrest Energy CEO in a statement. “With this financing, we will focus on our path towards commercialization of our HEI and future technologies. Hillcrest and our partners have a long-term vision and are thankful Mercer Street supports and continues to invest in that vision.”
READ: Hillcrest achieves technical proof-of-concept for high efficiency inverter
The non-brokered private placement consists of up to 15,000,000 units of the company at a price of $0.20 per unit for gross proceeds of up to $3,000,000. Each unit consists of one common share and one share purchase warrant. Each warrant will be exercisable into an additional share of the company at a price of $0.35 per share for a period of two years.
The placement is intended to close on or before December 8, 2021. All securities issued in connection with the offering are subject to a four month hold period from the closing date, in accordance with applicable securities laws.
Hillcrest Energy is a cleantech innovation company developing transformative power conversion devices and control systems for next-generation powertrains and charging applications.
The company is transitioning from the production of fossil fuels from its West Hazel asset in Saskatchewan, to clean energy technologies that help unlock efficiencies in electrification and maximize performance of electric systems including electric vehicles, motors and electric generators.
Contact the author at jon.hopkins@proactiveinvestors.com