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Vancouver, British Columbia--(Newsfile Corp. - March 11, 2025) - Hillcrest Energy Technologies (CSE: HEAT) (FSE: 7HI) ("Hillcrest" or the "Company"), is pleased to announce a non-brokered private placement (the "Private Placement") with a new strategic investor in the Company (the "Investor") operating in various electrification and manufacturing sectors. The Company has received a completed subscription agreement and is proceeding through the closing process. Pursuant to the Private Placement, the Company will issue 25,000,000 units of the Company (the "Units") to the Investor at an issue price of $0.17 per Unit for gross proceeds of $4,250,000.
Hillcrest will update and advise further details to the market on closing.
Each Unit will consist of one common share in the capital of the Company (each, a "Share") and one Share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to purchase an additional Share (a "Warrant Share") at a price of $0.25 per Warrant Share for a period of 12 months following the date of issuance of the Warrant. No finders' fees are expected to be paid as part of this Private Placement.
The Company intends to use the proceeds from the Private Placement for further development of its technology, marketing of its products to potential customers, investor relations activities, retirement of existing accounts payable, and general working capital.
All securities issued in connection with the Private Placement are 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 securities of the Company referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws. Accordingly, the securities of the Company may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Hillcrest Energy Technologies Ltd.
Hillcrest Energy Technologies is an energy technology company focused on providing advanced power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems. From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power a more sustainable and electrified future. Hillcrest is publicly traded on the CSE under the symbol "HEAT," on the OTCQB Venture Market as "HLRTF" and on the Frankfurt Exchange as "7HI". For more information, please visit: https://hillcrestenergy.tech/.