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Hillcrest Provides Updates to Proposed Warrant Issuance
Vancouver, British Columbia--(Newsfile Corp. - June 7, 2023) - Hillcrest Energy Technologies (CSE...
About this update from Hillcrest Energy Technologies Ltd.
[{"type":"text","content":"Hillcrest Provides Updates to Proposed Warrant IssuanceVancouver, British Columbia--(Newsfile Corp. - June 7, 2023) - Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FRA: 7HIA.F) (\"Hillcrest\" or the \"Company\"), announces an update to the terms of the non-brokered private placement previously announced on May 29, 2023 (the \"Offering\"). The Offering is a proposed distribution of common share purchase warrants at an exercise price of $0.15 for a period of 24 months (the \"Warrants\"), intended to be distributed to the subscribers who purchased units of the Company consisting of 1.2 common shares in the capital of the Company (the \"Units\") during the October and December 2022 distribution (the \"Prior Distribution\"), at an issue price of $0.12 per Unit. The intention is to provide equitable treatment to such subscribers who received common shares in the capital of the Company (the \"Common Shares\") at an effective price of $0.10 per Common Share, to those subscribers who recently purchased units consisting of common shares and warrants on the same terms as the Warrants under the Offering, for a lower price. The Company originally announced that each subscriber would be eligible to purchase one Warrant for each Unit purchased in the Prior Distribution, however the intention of the Company is to allow the subscribers to purchase one Warrant for each Common Share purchased in the Prior Distribution. The Company now plans to issue up to an aggregate of 12,780,000 Warrants at a price of $0.001 per Warrant, to be purchased in lots of 1,000 Warrants at $1.00 per Lot (a \"Lot\"), for aggregate gross proceeds of up to $12,780.00.Additionally, the Company announces that, in connection with the consolidation of the authorized and issued Common Shares of the Company previously announced on June 5, 2023, the Offering will be subject to adjustment, such that one Warrant will be issued for every six Warrants subscribed for, and each Warrant will entitle the holder thereof to acquire one Common Share at an adjusted exercise price of $0.90 per Common Share for a period of 24 months following the closing date of the Offering. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The s...