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Hillcrest Petroleum launches $1 million private placement to fund expansion of West Hazel oil asset in Saskatchewan

Under the offering, the company plans to issue up 20 million units at $0.05 apiece with warrants exercisable into an additional share for $0.07 each

Hillcrest Petroleum Ltd - Hillcrest Petroleum Ltd announced non-brokered private placement to raise up to $1 million to fund expansion of the West Hazel oil asset in Saskatchewan
Hillcrest has also granted incentive stock options to purchase up to 7.1 million common shares at $0.05 each

Hillcrest Petroleum Ltd (CVE:HRH) has announced a non-brokered private placement to raise up to $1 million to fund the expansion of the West Hazel oil asset in Saskatchewan.

Under the offering, the company plans to issue up 20 million units at $0.05 apiece, with each unit consisting of one common share and one-half of a share purchase warrant. Each whole warrant will be exercisable into an additional common share for $0.07 apiece for a period of two years.

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In addition to funding the expansion of the West Hazel oil asset, Hillcrest said it will use some of the proceeds to retire certain payables related to the issuer's oil and gas assets in Saskatchewan and for general working capital purposes.

All securities issued will be subject to a four-month hold period in accordance with applicable securities laws, according to a statement.

In other company news, Vancouver-based Hillcrest said it has granted incentive stock options to certain directors, officers, consultants and employees to purchase up to 7.1 million common shares. The options are exercisable on or before July 8, 2025, at $0.05 per share.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

Quick facts: Hillcrest Petroleum Ltd

Price: 0.07 CAD

TSX-V:HRH
Market: TSX-V
Market Cap: $11.33 m
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