On January 13, 2023, Hillcrest Energy Technologies Ltd. closed the transaction. The company issued 10,650,000 units at an issue price of CAD 0.12 for gross proceeds of CAD 1,278,000 in its second and final tranche. The subscribers include two directors and an officer who subscribed for an aggregate of 1,506,667 units.

The company issued 6,090,000 units for gross proceeds of CAD 730,800 by issuing securities pursuant to exemption provided under regulation D to 7 investors.