HILLCREST ANNOUNCES PROPOSED WARRANT ISSUANCE

/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, BC, May 29, 2023 /CNW/ - Hillcrest Energy Technologies (CNSX:HEAT.CN) (OTC-BB:HLRTF) (FRA:7HIA.F) ("Hillcrest" or the "Company"), announces a non-brokered private placement of up to an aggregate of 10,650,000 common share purchase warrants of the Company (a "Warrant") at a price of $0.001 per Warrant, to be purchased in lots of 1,000 Warrants at $1.00 per Lot (a "Lot"), for aggregate gross proceeds of up to $10,650.00 (the "Offering"). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.15 per Common Share for a period of 24 months following the closing date of the Offering. The Offering is intended to be available only to those subscribers who purchased units of the Company consisting of 1.2 common shares in the capital of the Company (the "Units") during the October and December 2022 distribution, at an issue price of $0.12 per Unit. These warrants are being issued to advance equality between the closing of the subsequent financing dated May 15, 2023, which included one Warrant for every Common Share purchased.