Hillcrest Energy Technologies eyes UK expansion
Published: 09:07 10 May 2024 EDT
Hillcrest Energy Technologies Ltd (CSE:HEAT, OTCQB:HLRTF), a leading clean technology company specializing in power conversion technologies, has announced its active pursuit of business and financing opportunities in the United Kingdom.
In a statement, CEO Don Currie recounted a recent trip to the UK aimed at engaging potential partners.
"We are seeing a growing interest from automotive and component manufacturers, as well as potential financial partners across the UK,” Currie told investors.
“It's crucial for us to sustain this remarkable momentum."
The UK's strong commitment to zero-emission vehicle mandates, its significant role in electrifying the motorsport industry, and its leadership in offshore wind generation make it a key market for Hillcrest. Leveraging its Zero Voltage Switching (ZVS) inverter technology, the company aims to deliver efficiency and cost-saving advantages across electric mobility and renewable energy sectors.
Simultaneously, Hillcrest announced the successful closure of the latest drawdown under its previously disclosed $5 million equity drawdown facility.
Under the terms of the equity facility, Hillcrest issued 724,238 units to a third-party investor at a deemed price of $0.22 per unit. Each unit comprises one common share and one-half of one share purchase warrant, exercisable at $0.28 per share for three years from distribution. Additionally, the company issued 86,909 shares to settle the drawdown fee associated with the Second Drawdown.
Proceeds from the equity facility, including the latest drawdown, will be allocated toward technology and product development, commercialization endeavors, and general working capital requirements.
To date, Hillcrest has garnered proceeds totaling $925,673 from the equity facility and has issued a cumulative 4,589,340 shares and 2,186,875 share purchase warrants. The warrants, exercisable over a three-year period, carry varied exercise prices ranging from $0.25 to $0.31.
