VANCOUVER, B.C. – Hillcrest Energy Technologies (CNSX:HEAT.CN) (OTC:HLRTF) (FRA:7HIA.F) (“Hillcrest” or the “Company”), a clean tech innovation and e-mobility development company, is pleased to provide the following update to its press release of June 21, 2021, whereby the Company announced an early warrant exercise incentive program (the “Incentive Program”) intended to encourage the early exercise of up to 34,683,334 outstanding common share purchase warrants (the “Eligible Warrants”) of the Company held by warrant-holders, with an exercise price of $0.10 per warrant.
At close of business Friday, June 25th, 2021, Hillcrest had received commitments to exercise over 23,000,000 or more than 66% of the 34,683,334 Eligible Warrants. The warrant holders have until end of business, Wednesday, June 30th, 2021 to state intent to participate in the incentive program.
“The current status of the warrant incentive program is very encouraging,” states Don Currie, Hillcrest Energy Technologies CEO. “Having over $2,300,000 worth of warrants committed to exercise, with more expected to proceed in the final three days, is a huge show of support from our holders. We will update the market on the final amount following the incentive program completion.”
Each Eligible Warrant is currently exercisable to acquire one-half of one common share of the Company at a price of $0.10 per whole Hillcrest share. Of the 34,683,334 Eligible Warrants, 9,343,334 Eligible Warrants will expire on September 1, 2022, and 25,340,000 Eligible Warrants will expire on January 18, 2023. If an Eligible Warrant holder chooses not to exercise their Eligible Warrants pursuant to this warrant exercise incentive structure, or is otherwise not eligible for an exemption from prospectus requirements under applicable securities laws as described above, the Eligible Warrants will continue to be exercisable for common shares on the same terms that previously existed, as will the warrants held by insiders of the Company and pro group members.
To be eligible for the Incentive Program, the holder of the Eligible Warrant must complete and deliver an accredited investor certificate to the Company or otherwise the Company must be satisfied that the distribution of New Warrants to such holder would be exempt from prospectus requirements. For information regarding these accredited investor certificates, or other exemption requirements, please contact Donald Currie, Chief Executive Officer of the Company, toll free at 1-855-609-0006 or email@example.com.