Hillcrest Announces Drawdown of Previously Announced Equity Drawdown Facility
Rhea-AI Summary
Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) has announced the closure of its latest drawdown from a previously announced $5 million equity drawdown facility. On August 26, 2024, the company received $540,000 from a third-party investor. In exchange, Hillcrest issued 2,076,923 units at $0.26 per unit, each comprising one common share and half a share purchase warrant. Additionally, 249,230 shares were issued as a drawdown fee. The company plans to use the proceeds for technology and product development, commercialization, and working capital. To date, Hillcrest has received a total of $1,465,673 from the facility, issuing 6,915,493 shares and 3,225,336 warrants.
Positive
- Secured $540,000 in funding through the equity drawdown facility
- Total proceeds from the facility to date amount to $1,465,673
- Funds to be used for technology development, commercialization, and working capital
Negative
- Potential dilution of existing shareholders due to issuance of new shares and warrants
News Market Reaction
On the day this news was published, HLRTF declined 4.87%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - August 26, 2024) - Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FSE: 7HI) ("Hillcrest" or the "Company") is pleased to announce that, further to its news release on July 22, 2024, it has closed the most recent drawdown of the previously announced
The Company has provided the third-party investor (the "Investor") with a drawdown notice and on August 26, 2024, the Investor funded the Company with a drawdown amount of
(a) issued the Investor 2,076,923 units of the Company ("Units") at a deemed price of
(b) issued the Investor 249,230 Shares at a deemed price of
The Company intends to use the proceeds from the Equity Facility, including the August Drawdown, for technology and product development, commercialization, and general working capital.
To date and in connection with past drawdowns, the Company has received a total of
All securities issued pursuant to the Equity Facility, including the July Drawdown, 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.
About Hillcrest Energy Technologies
Hillcrest Energy Technologies is a clean 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/.
CONTACT INFORMATION
Investor Relations
Don Currie
info@hillcrestenergy.tech
O: +1 604-609-0006
Toll-free: 1 855-609-0006
Public Relations
Jamie L. Hogue
jhogue@hillcrestenergy.tech
O: +1 602-793-9481
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects," "intends," "is expected," "potential," "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may," "could," "should," "would," "might" or "will" be taken, occur or be achieved. Forward-looking information in this news release includes the anticipated use of proceeds from the Equity Facility. This forward-looking information is provided as of the date of this news release. The forward-looking information reflects the current expectations and assumptions of management and is subject to a number of known and unknown risks, uncertainties and other factors, which may cause actual results, performance, or achievements to be materially different from any anticipated future results, performance or expectations expressed or implied by the forward-looking information. No assurance can be given that these assumptions will prove correct. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Investors are advised to consider the risk factors under the heading "Risks and Uncertainties" in the Company's MD&A for the year ended Dec. 31, 2022, available at https://www.sedarplus.ca/ for a discussion of the factors that could cause the Company's actual results, performance and achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221165
FAQ
How much did Hillcrest Energy Technologies (HLRTF) raise in its latest drawdown?
What is the total amount Hillcrest (HLRTF) has received from the equity drawdown facility?
How many units did Hillcrest (HLRTF) issue in the August 2024 drawdown?
What is the exercise price of the warrants issued by Hillcrest (HLRTF) in the August 2024 drawdown?
