On May 15, 2023, Hillcrest Energy Technologies Ltd. closed the third and final tranche, issuing a total of 25,162,500 units of the Company at a price of CAD 0.08 per Unit for gross proceeds of CAD 2,013,000. The Third Tranche consisted of the sale of 10,875,000 Units for gross proceeds of CAD 870,000.00. Each Unit consists of one common share and one share purchase warrant.

Each Warrant is exercisable for an additional common share of the Company at a price of CAD 0.15 per share for a period of two years. In connection with the Offering, the Company issued 6,000,000 Units to Donald Currie. All securities issued in connection with the Offering will be subject to a four month and one day hold period.

The transaction was oversubscribed.