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Hillcrest Petroleum in C$500,000 raise

Up to 10mln units will be issued for gross proceeds of up to $500,000, the firm said..
Up to 10mln units will be issued for gross proceeds of up to $500,000, the firm said

Hillcrest Petroleum Ltd (CVE:HRH) is now raising C$500,000 in its previously announced financing.

The firm has reduced the price of the units to seven cents from five cents previously.

Up to 10mln units will be issued for gross proceeds of up to $500,000, the firm said.

Each unit will consist of one share and one half a share warrant.

Each whole warrant will entitle the holder to acquire one share at $0.10 each for two years from closing.

Hillcrest added that it had struck deals with certain creditors, in which it will settle certain outstanding debts totalling C$85,000 by issuing 1.7mln shares at a deemed price of C$0.05 each.

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