Hillcrest Energy Technologies (CSE:HEAT, OTCQB:HLRTF) Inc said it has completed the first tranche of its previously-announced, non-brokered private placement, raising gross proceeds of C$2,885,000.
The company noted that all funds raised will be used towards the development and commercialization of its clean energy technologies.
Hillcrest issued 14,425,000 company units, at a price of C$0.20 per unit, in the first tranche of the financing. Each unit consisted of one common share plus one common share purchase warrant, with each warrant being exercisable into an additional share of the company at a price of C$0.35 per share for a period of two years.
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The second and final tranche is estimated to close on or before December 17, 2021, with the company targeting to raise up to C$3 million in total from both tranches.
Hillcrest said the placement was intended to close on or before December 8, 2021, and the company has extended the date due to additional subscriptions that are being submitted.
The company added that 800,000 units of the financing were issued to certain company insiders.
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 Sean at sean@proactiveinvestors.com