Hillcrest Energy Technologies (CSE:HEAT, OTCQB:HLRTF) Inc said it has completed its previously-announced, non-brokered private placement, raising gross proceeds of C$3,632,900.
The company noted that the funds raised will be used towards the development and commercialization of its clean energy technologies.
Hillcrest issued 18,164,500 company units, at a price of C$0.20 per unit, in its oversubscribed private placement offering.
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Each unit consisted of one common share plus one share purchase warrant, which is exercisable into an additional share of the company at a price of C$0.35 per share for a period of two years.
As well, Hillcrest Energy reported that 937,500 units of the private placement were issued to certain company insiders.
The company added that it paid eligible finders a cash commission in the amount of C$148,432 and issued 223,760 non-transferable finder’s warrants, with each finder’s warrant entitling the holder to purchase one additional company share at a price of C$0.20 per share for a period of two years from the closing of the offering.
All securities issued in connection with the offering are subject to a four-month hold period from the closing date.
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 the performance of electric systems including electric vehicles, motors and electric generators.
Contact Sean at sean@proactiveinvestors.com