Hillcrest Energy Technologies Ltd. announced a private placement to issue 10,500,000 units at an issue price of CAD 0.40 for the gross proceeds of CAD 4,200,000 on September 26, 2023. 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 an exercise price of CAD 0.50 for a period of 24 months from the date of issuance. However, the Warrants will be subject to an accelerated expiry upon 30 business days' notice from the Company in the event the Common Shares trade for ten consecutive trading days any time after four months from closing of the Private Placement at a volume-weighted average price of at least CAD 0.60 on the Canadian Securities Exchange. The Company currently has commitments exceeding CAD 1,500,000 for the Private Placement and anticipates closing the first tranche in approximately five business days. All securities issued in connection with the Private Placement will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian
securities laws. The Company may pay a finder's fee in connection with the Private Placement to eligible arm's length finders in accordance with the policies of the CSE.