Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FSE: 7HI), an innovative clean-technology company redefining power-conversion technologies, has secured a $5 million equity drawdown facility from a third-party investor. According to the announcement, Hillcrest will pay the investor a commitment fee equal to 2.5% of the total capital of the company committed; that payment will be in cash or common shares in the capital of the company at $0.30 per share. The agreement also notes that, on any drawdown amount, the company shall pay 12% annualized interest, which may be payable in shares or by deduction from the funded advance. All securities issued in relation to the equity facility will be subject to a statutory hold period of four months plus a day from the date of being issued. The company anticipates closing the first drawdown by the end of January and plans to use the funds from the facility for technology and product development as well as commercialization and general working capital. “We are quite pleased to have access to this facility,” said Hillcrest Energy Technologies CEO Don Currie in the press release. “The facility is being provided at a particularly challenging time for fundraising in the small cap market, and we appreciate the support and confidence in the company demonstrated by the investor. The facility is one of several financing initiatives currently being pursued, and we will continue to provide updates as material events occur.”
To view the full press release, visit https://ibn.fm/4kHWB
About Hillcrest Energy Technologies Ltd.
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. For more information about the company, please visit www.HillcrestEnergy.tech.
NOTE TO INVESTORS: The latest news and updates relating to HLRTF are available in the company’s newsroom at https://ibn.fm/HLRTF
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