The oil firm will now issue 7.5mln units at seven cents a pop, as opposed to 750,000 units.
Each unit will consist of a share and one-half a share purchase warrant.
Each whole warrant will be exercisable into a share at 10 cents for two years from closing.
Shares in Hillcrest advanced on Thursday as it revealed daily production in Saskatchewan has risen and that a workover on another well was due to start on January 18.
Output from the 16-13 well has increased from 22 barrels of oil per day (bopd) to an average 35 bopd over the last seven days - in line with expectations.
The firm has now begun workover operations on the 07-13 well and it will report again when it is completed and it is in production, the firm said.