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Hillcrest Petroleum raises more than $1 million in up-sized financing to fund West Hazel oil asset in Saskatchewan

The company sold 20,442,000 million units (up-sized by 422,000 units) at $0.05 apiece, with each unit consisting of one common share and one-half of a share purchase warrant

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Hillcrest also closed its early warrant exercise incentive program, raising $873,984 in proceeds

Hillcrest Petroleum Ltd (CVE:HRH) (OTCMKTS:HLRTF) has raised $1,022,100 in gross proceeds via an oversubscribed non-brokered private placement. 

The Canadian oil and gas producer intends to use the proceeds to fund the expansion of the West Hazel oil asset in Saskatchewan.

Hillcrest also 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.

READ: Hillcrest Petroleum takes 100% control of West Hazel field after acquiring remaining working interest from JV partner

Under the offering, the company sold 20,442,000 million units (up-sized by 422,000 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.

All securities issued in connection with the offering are subject to a four-month hold period in accordance with applicable securities laws.

In other company news, Vancouver-based Hillcrest said it closed its early warrant exercise incentive program that’s intended to encourage the early exercise of up to 22,894,446 outstanding common share purchase warrants.

It said 17,479,668 eligible warrants were exercised, resulting in gross proceeds of $873,984. The money will be used to accelerate the retirement of payables and outstanding loans, other corporate initiatives and general working capital purposes. 

Hillcrest’s stock recently traded up by 5.4% to US$0.05 a share in New York. 

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

 

Quick facts: Hillcrest Petroleum Ltd

Price: 0.06 CAD

TSX-V:HRH
Market: TSX-V
Market Cap: $9.71 m
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