On October 4, 2023, Hillcrest Energy Technologies Ltd. closed the transaction. The company issued 4,350,000 units at an issue price of CAD 0.40 per unit for the gross proceeds of CAD 1,740,000 in the first tranche. 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. The Company intends to close the second tranche of the Private Placement in the near future. The subscribers in the Private Placement included a director and officer of the Company who subscribed for an aggregate of 101,500 Units.

On December 19, 2023, the company announced that it will not be proceeding with a second tranche of its previously announced non-brokered private placement of units of the Company.