The firm has reduced the price of the units to seven cents from five cents previously.
Up to 10mln units will be issued for gross proceeds of up to $500,000, the firm said.
Each unit will consist of one share and one half a share warrant.
Each whole warrant will entitle the holder to acquire one share at $0.10 each for two years from closing.
Hillcrest added that it had struck deals with certain creditors, in which it will settle certain outstanding debts totalling C$85,000 by issuing 1.7mln shares at a deemed price of C$0.05 each.