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Hillcrest raises more than $1 million in up-sized financing to fund West Hazel oil asset in Saskatchewan

04/08/2020

Hillcrest Petroleum announces the non-brokered private placement of up 20,000,000 units of the Company at a price of $0.05 per Unit for gross proceeds of up to $1,000,000 has been oversubscribed resulting in 20,442,000 units being purchased for a total of $1,022,100.00. Each Unit consists of one common share and one-half of a share purchase warrant. Each whole Warrant will be exercisable into an additional common share of the Company at a price of $0.07 per common share for a period of two years.

The Company intends to use the proceeds of the Offering to fund expansion of the West Hazel oil asset in Saskatchewan, as announced in a news release of the Company dated July 14, 2020, to retire certain payables related to the Company’s oil and gas assets in Saskatchewan, and for general working capital purposes. All securities issued in connection with the Offering are subject to a four month hold period in accordance with applicable securities laws.

Hillcrest also announced the closing of its previously announced early warrant exercise incentive program intended to encourage the early exercise of up to 22,894,446 outstanding common share purchase warrants of the Company. Subsequent to the Company receiving conditional approval of the TSX Venture Exchange, 17,479,668 Eligible Warrants were exercised resulting in gross proceeds of $873,984.00. The proceeds are anticipated to be used by the Company to accelerate the retirement of payables and outstanding loans, other corporate initiatives and general working capital purposes. 

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