Hillcrest Energy Technologies announced a non-brokered private placement of up to an aggregate of 8,000,000 units at an issue price of CAD 0.25 per unit for the gross proceeds of CAD 2,000,000 on January 31, 2024. Each Unit will consist of one common share and one Common Share purchase warrant. Each Warrant will entitle the holder thereof to acquire one Common Share at a price of CAD 0.30 per Common Share for a period of 36 months following the distribution of the Warrant.

The Company may pay finders fees to eligible finders for services in connection with the Offering in cash or warrants exercisable into Units on the same terms as the Units distributed pursuant to the Equity Offering. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.