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Hillcrest Petroleum Ltd

Hillcrest Petroleum brings in C$500,000 in total, after closing second tranche of placing

The second tranche saw C$60,000 raised with 1.2mln units issued at 5 cents each..

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Each unit consisted of one share and one-half of a share purchase warrant

Hillcrest Petroleum Ltd (CVE:HRH) has brought in just shy of C$500,000 via its previously announced financing, having now closed the second tranche.

The second tranche saw C$60,000 raised with 1.2mln units issued at 5 cents each.

Each unit consisted of one share and one-half of a share purchase warrant, with each entitling the holder to buy a further share for 10 cents each until March 23, 2020.

The first tranche raised C$439,600 and 8.79mln units were issued.

"The proceeds received from the offering will be used to pay licensing and registration costs in both Saskatchewan and Alberta, and for general operational expenses," the oil group said.

Quick facts: Hillcrest Petroleum Ltd

Price: $0.03

Market: TSX-V
Market Cap: $2.74 m
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