HPQ Silicon Closes Private Placement
July 26 2019 - 9:26AM
HPQ Silicon Resources Inc.
- TSX-V: HPQ; OTCPink: URAGF;
FWB: UGE - (“HPQ” or “the Company”) is pleased to
announce that HPQ has closed a private placement of 3,250,000 units
("Unit") at $0.10 per Unit for a gross proceeds of up to
$325,000. Each Unit is comprised of one (1) common share and
one (1) common share purchase warrant (“Warrant") of the
Company. Each Warrant will entitle the Subscribers to
purchase one common share of the capital stock of the Company at an
exercise price of $ 0.15 for a period of 36 months from the
date of closing of the placement. Each share issued pursuant to the
placement will have a mandatory four (4) month and one (1) day
holding period from the date of closing of the placement.
Mr. Bernard Tourillon, Chairman, President, CEO
and Director of HPQ, through a wholly owned company, 3245004 Canada
Inc. has subscribed for 250,000 Units. Following the
completion of the Private Placement, Mr. Tourillon and 3245004
Canada Inc., taken together beneficially own or exercise control or
direction over, directly or indirectly, 6,297,250 Common Shares,
representing approximately 2.72% of the issued and outstanding
Common Shares of the Company.
The participation of Mr. Tourillon in the
Private Placement constitutes a "related party transaction" within
the meaning of Multilateral Instrument 61-101 Protection of
Minority Security Holders in Special Transactions ("MI 61-101") and
Policy 5.9 - Protection of Minority Security Holders in Special
Transactions of the Exchange. In connection with this related party
transaction, the Company is relying on the formal valuation and
minority approval exemptions of respectively subsection 5.5(a) and
5.7(1)(a) of MI 61-101 as the fair market value of the portion of
the Private Placement subscribed by Mr. Tourillon does not exceed
25% of the Company's market capitalization. The Board of directors
of the Company has approved the Private Placement, including the
participation of Mr. Tourillon therein, with Mr. Tourillon
abstaining with respect to his participation.
This News Release is available on the
company's CEO Verified Discussion Forum, a moderated social
media platform that enables civilized discussion and Q&A
between Management and Shareholders.
About HPQ Silicon
HPQ Silicon Resources Inc. is a TSX-V listed
company developing, in collaboration with industry leader
PyroGenesis (TSX-V: PYR) the innovative PUREVAPTM “Quartz Reduction
Reactors” (QRR), a truly 2.0 Carbothermic process (patent pending),
which will permit the transformation and purification of quartz
(SiO2) into Metallurgical Grade Silicon (Mg-Si) at prices that will
propagate it significant renewable energy potential.
HPQ’s is also working with industry leader
Apollon Solar to develop a metallurgical pathway of producing Solar
Grade Silicon Metal (SoG Si) that will take full advantage of the
PUREVAPTM QRR one-step production of high purity silicon (Si) and
reduce significantly the Capex and Opex associated with the
transformation of quartz (SiO2) into SoG-Si.
HPQ’s focus is becoming the lowest cost producer
of Silicon (Si), High Purity Silicon (Si) and Solar Grade Silicon
Metal (SoG-Si). The pilot plant equipment that will validate the
commercial potential of the process is on schedule to start in
2019.
Disclaimers:
The Corporation’s interest in developing the
PUREVAP™ QRR and any projected capital or operating cost savings
associated with its development should not be construed as being
related to the establishing the economic viability or technical
feasibility of the Company’s Roncevaux Quartz Project, Matapedia
Area, in the Gaspe Region, Province of Quebec.
This press release contains certain
forward-looking statements, including, without limitation,
statements containing the words "may", "plan", "will", "estimate",
"continue", "anticipate", "intend", "expect", "in the process" and
other similar expressions which constitute "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking statements reflect the Company's current
expectation and assumptions, and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially from those anticipated. These forward-looking statements
involve risks and uncertainties including, but not limited to, our
expectations regarding the acceptance of our products by the
market, our strategy to develop new products and enhance the
capabilities of existing products, our strategy with respect to
research and development, the impact of competitive products and
pricing, new product development, and uncertainties related to the
regulatory approval process. Such statements reflect the current
views of the Company with respect to future events and are subject
to certain risks and uncertainties and other risks detailed from
time-to-time in the Company's on-going filings with the securities
regulatory authorities, which filings can be found at
www.sedar.com. Actual results, events, and performance may differ
materially. Readers are cautioned not to place undue reliance on
these forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements either as a result of new information, future events or
otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For further information
contactBernard J. Tourillon, Chairman, President and CEO
Tel (514) 907-1011 Patrick Levasseur, Vice-President and COO Tel:
(514) 262-9239 www.HPQSilicon.com
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