Hillcrest Energy Technologies Ltd. announced best efforts brokered private placement to issue 10,000,000 units at an issue price of CAD 5,000,000 and non-brokered private placement to issue 8,500,000 Units at an issue price of CAD 0.50 for the gross proceeds of CAD 4,250,000; aggregate gross proceeds of CAD 9,250,000 on September 11, 2023.

Best Efforts - Each Unit will consist of one common share and one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of CAD 0.60 for a period of 24 months from the date of issuance. At the closing of the Offering, the Company will pay the Agents commission equal to 7% of the gross proceeds of the Offering, payable in cash or Units, or any combination of cash or Units and issue the Agents non-transferable broker warrants equal to 7% of the aggregate number of Units issued by the Company under the Offering, each of which will entitle the holder thereof to acquire one Common Share at the Issue Price or such higher price as may be required by the policies of the Canadian Securities Exchange for a period of 24 months from the date of issuance.

Non-Brokered Placement - There is no minimum Concurrent NBPP and closing of the Offering is not conditional upon the closing of the Concurrent NBPP. The closing of the Concurrent NBPP may take place in one or more tranches as determined by the Company. As consideration for its services, the Company will pay Canaccord a fee equal to 1% of the gross proceeds of the Concurrent NBPP, payable in cash or Units, or any combination of cash or Units, at the option of Canaccord, and issue Canaccord non-transferable advisor warrants equal to 1% of the aggregate number of Units issued by the Company under the Concurrent NBPP, each of which will entitle the holder thereof to acquire one Common Share at the Issue Price for a period of 24 months from the date of issuance. All securities issued in connection with the Concurrent NBPP will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws. The Offering is expected to close on or around September 26, 2023, or such other date as the Company
and the Agents may agree.