logo-loader
Hillcrest Petroleum Ltd

Hillcrest Petroleum plans initial coin offering

Deal with Entero Capital sets up asset-backed energy coin

digital currencies
Fueling growth with digital currency

Hillcrest Petroleum Ltd. (CVE:HRH) is entering the cryptocurrency market with the announcement Thursday that it plans to launch an initial coin offering.

The oil company has signed an agreement with Houston-based Entero Capital LLC to create an asset-backed energy security coin using blockchain technology that the oil company intends to use as an alternative form of financing.

READ: Hillcrest Petroleum increases placing to bring in C$525,000

CEO Don Currie said in a statement that the company plans to use Western Canadian reserves and production as the value basis for its ICO in order to attract a broader spectrum of investors.

“An ICO is considered to be a particularly effective funding alternative for Hillcrest as it may provide access to substantial capital funding to deliver value growth from our existing and new Western Canadian oil and gas projects, without exposing existing shareholders to potential dilution through conventional equity funding,” Currie said.

Entero will advise and assist Hillcrest to raise capital through the ICO offering and assist in identifying and evaluating potential investors.

A wholly owned subsidiary of Hillcrest will administer the offering to investors in Canada, the U.S. and other countries.

Hillcrest shares jumped 23% to US$0.80 on the news.

 

Quick facts: Hillcrest Petroleum Ltd

Price: $0.03

Market: TSX-V
Market Cap: $2.74 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Hillcrest Petroleum Ltd named herein, including the promotion by the Company of Hillcrest Petroleum Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Hillcrest Petroleum hits Milestone at West Hazel oil project

Hillcrest Petroleum (CVE:HRH-OTC: HLRTF) CEO Don Currie sat down with Steve Darling from Proactive Vancouver to share news the oil and gas company has hit a major milestone at their West Hazel project in Saskatchewan, Canada. Currie telling Proactive how many barrels a day they are up to...

6 days, 13 hours ago

2 min read