Hillcrest Provides Update on Shares for Debt Offering

Rhea-AI Summary

Hillcrest Energy Technologies (HLRTF) updated its Shares for Debt Offering, increasing the offering size from $500,000 to $550,000 at $0.18 per Unit. Each Unit includes one common share and one warrant exercisable at $0.20 for 12 months. Up to $140,000 may settle director fees. Securities carry a statutory hold period of four months and one day and are not registered for U.S. resale.

Positive

• Offering size increased to $550,000
• $140,000 available to settle accrued director fees

Negative

• New Units include warrants exercisable at $0.20, adding dilution risk
• Securities are not registered in the U.S., limiting U.S. liquidity
• Issued securities subject to 4 months + 1 day hold period

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRESERVICES FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESS Newswire / March 31, 2026 / Hillcrest Energy Technologies Ltd. (CSE:HEAT) today provides an update on the Shares for Debt Offering ("Offering") originally announced on March 23, 2026. The Offering of units of the Company (the "Units") at a price of $0.18 per Unit is expected to increase from the $500,000 originally announced to $550,000.

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 $0.20 per Warrant Share for a period of 12 months following the date of issuance of the Warrant.

Up to $140,000 is anticipated to be settled in connection with previously accrued fees owing to directors for acting as directors of the Company.

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". 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

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. This forward-looking information is provided as of the date of this news release. The forward-looking information reflects our current expectations and assumptions 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 in this news release include statements related to the completion of the Offering, which remain subject to the ordinary conditions of completion of an Offering, and additionally requires the entry into debt settlement agreements with each of the Company's creditors taking part in the Offering, as well as non-objection of the placement by regulatory authorities including the Canadian Securities Exchange. 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, 2024, 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.

SOURCE: Hillcrest Energy Technologies Ltd.

View the original press release on ACCESS Newswire

FAQ

What change did Hillcrest (HLRTF) announce on March 31, 2026 about the Shares for Debt Offering?

Hillcrest increased the Offering size from $500,000 to $550,000. According to Hillcrest, the Units remain priced at $0.18 each and include one share plus one warrant exercisable at $0.20 for 12 months.

How are outstanding director fees being handled in Hillcrest's HLRTF offering?

Up to $140,000 may be settled in connection with previously accrued director fees. According to Hillcrest, this settlement will be paid through issuance of Units under the Offering rather than cash.

What are the warrant terms in Hillcrest's (HLRTF) offering announced March 31, 2026?

Each Unit includes one warrant exercisable at $0.20 for 12 months. According to Hillcrest, each Warrant permits purchase of one additional share within 12 months of issuance.

Will Hillcrest (HLRTF) securities from the offering be immediately tradable in the U.S.?

No, the securities are not registered under the U.S. Securities Act and cannot be offered or sold in the U.S. According to Hillcrest, U.S. resale requires registration or an applicable exemption.

How long is the statutory hold period for securities issued in Hillcrest's (HLRTF) private placement?

Securities are subject to a hold period of four months and one day. According to Hillcrest, this hold period is in accordance with applicable Canadian securities laws.