leadf
logo-loader
viewHillcrest Petroleum Ltd

Hillcrest Petroleum set for up to C$600,000 raise

The junior oiler said it would issue up to 20 million units at C$0.03 a throw

Hillcrest Petroleum Ltd -
The firm said C$250,000 will be used for immediate operation liabilities related to the Saskatchewan assets

Hillcrest Petroleum Ltd (CVE:HRH) (OTCMKTS:HLRTF), the Western Canada-focused oiler, revealed it is set to bring in up to C$600,000 from a placing at C$0.03 a unit.

In a statement on Monday, the Vancouver-headquartered group said it would issue up to 20 million units at that price following a discretionary waiver by the TSX venture exchange of the C$0.05 minimum price requirement.

READ: Hillcrest Petroleum Ltd makes progress at West Hazel oil project, closes new financing

Proceeds will be used to pay aged outstanding accounts payable of C$539,500, and the remaining proceeds of up to C$60,500 will be used for general working capital, it told investors.

Specifically, C$140,000 will be used to retire a senior secured creditor loan, C$149,500 will be used to retire overdue creditor debt and C$250,000 will be used for immediate operation liabilities related to the group's Saskatchewan assets.

The firm noted that general working capital was expected to cover direct corporate and administration costs such as office rental, accounting and legal expenses, while no management fees will be paid out.

The units consist of one share and one warrant, with each warrant entitling the holder to acquire a further company share at C$0.05 each for 12 months.

Contact the author at giles@proactiveinvestors.com

Quick facts: Hillcrest Petroleum Ltd

Price: 0.055 CAD

TSX-V:HRH
Market: TSX-V
Market Cap: $8.9 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

Hillcrest Petroleum plans to delist from TSX-V and will list on the Canadian...

Hillcrest Petroleum (CVE: HRH-OTC: HLRTF) CEO Don Currie joined Steve Darling from Proactive Vancouver with news the company is planning on applying to the TSX Venture Exchange to delist its common shares and the Company then will apply for listing on the Canadian Securities...

3 weeks, 1 day ago

2 min read