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Hillcrest Announces Brokered LIFE Offering and Concurrent Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - September 11, 2023) - Hillcrest Energy Technologie...
About this update from Hillcrest Energy Technologies Ltd.
[{"type":"text","content":"Hillcrest Announces Brokered LIFE Offering and Concurrent Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - September 11, 2023) - Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FSE: 7HI) (\"Hillcrest\" or the \"Company\") is pleased to announce a \"best efforts\" brokered private placement offering of up to 10,000,000 units of the Company (\"Units\") at a price of $0.50 per Unit (the \"Issue Price\") for gross proceeds of up to $5,000,000 (the \"Offering\"). Each Unit will consist of one common share of the Company (a \"Common Share\") and one common share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.60 for a period of 24 months from the date of issuance. There is no minimum amount of the Offering, however, the aggregate of the Offering and the Concurrent NBPP (defined herein) shall be a minimum of 10,000,000 Units for minimum gross proceeds of $5,000,000 and a maximum of 18,500,000 Units for maximum gross proceeds of $9,250,000.The Units issued pursuant to the Offering are expected to be immediately freely tradeable under applicable Canadian securities laws if sold to purchasers resident in Canada.The Offering will be conducted by Canaccord Genuity Corp. (\"Canaccord\") as lead agent and bookrunner, along with a syndicate of agents including PI Financial Corp. and Moneta Advisory Partners Corp. (together with Canaccord, the \"Agents\"), and is subject to customary closing conditions.At the closing of the Offering, the Company will (i) pay the Agents commission equal to 7% of the gross proceeds of the Offering (1% for certain president's list investors), payable in cash or Units, or any combination of cash or Units, at the option of Canaccord, and (ii) issue the Agents non-transferable broker warrants equal to 7% of the aggregate number of Units issued by the Company under the Offering (1% for certain president's list investors), each of which will entitle the holder thereof to acquire one Common Share at the Issue Price or such higher price as may be required by the policies of the Canadian Securities Exchange for a period of 24 months from the date of issuance. The Offering is being completed pursuant to the listed issuer financing exemption available under Part 5A of National Instrument 45-106 - Prosp...