Hillcrest Petroleum Announces the Closing of its Oversubscribed $0.05 Unit Non-Brokered Private Placement
VANCOUVER, January 20, 2017 - Hillcrest Petroleum Ltd., (TSX-V: HRH) (OTCQB: HLRTF) (the "Company" or "Hillcrest") is pleased to announced that it has closed the second and final tranche of its non-brokered private placement (see original press release of November 24, 2016) at a price of $0.05 per unit (the "Units"). Each Unit consisted of one common share in the capital of the Company (the "Shares") plus one-half of one common share purchase warrant (collectively the "Offering"). Each whole warrant to this second tranche Offering will entitle the holder to purchase one additional Share at a price of $0.08 until January 18, 2019. The securities issued in connection with the second tranche Offering is subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation expiring on May 19, 2017.
The Company has raised gross proceeds of $445,000 to the second tranche closing, and together with the closing of the previous tranche (see press release of December 15, 2016), an aggregate of 16,200,000 Shares have been issued for aggregate total proceeds of $810,000. The Offering was oversubscribed, and increased to a maximum of 16,200,000 Units, of which 7,300,000 Shares have been issued pursuant to the closing of the first tranche and 8,900,000 Shares have been issued pursuant to the closing of the second tranche.
The Company has paid a finder's cash commission to the second tranche in the amount of $5,200 being 8% of the aggregate proceeds from the sale of shares to purchasers introduced by the finder.
The net proceeds received from the Offering will be used by the Company to pay down secured debt, evaluate new projects and provide general working capital.
For more information on Hillcrest Petroleum Ltd., contact Donald Currie toll free at 1-855-609-0006 or visit the Company's website at www.hillcrestpetroleum.com
For more information on Hillcrest Petroleum Ltd., contact Donald Currie toll free at 1-855-609-0006 or visit the Company's website at www.hillcrestpetroleum.com
ON BEHALF OF THE BOARD
Donald Currie
Chief Executive Officer and Director
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 statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. 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.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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