HPQ Silicon Resources Inc.
(“HPQ” - “The Company”) TSX-V: HPQ
; FWB: UGE
; Other OTC: URAGF;
announces that it closed a non-brokered private placement of
3,000,000 units ("Unit") at $0.07 per Unit for gross proceeds of
$210,000.
“Manufacturing Silicon (Si) samples for emerging
Li-ion batteries opportunities identified during the latter part of
2019 required additional investments. This financing gives us
the flexibility needed to accelerate our battery related R&D
efforts in early 2020,” said Bernard Tourillon, President & CEO
of HPQ Silicon. “Being able to attract this level of
unsolicited investor interest, during the worst period of the year
to raise hard cash funding, gives us great confidence about 2020 as
we strive to deliver the critical Silicon material required by the
surging Li-ion battery market in 2020 and beyond.”
Placement Terms: 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 $ 0.10 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. The Placement is subject to standard regulatory
approvals.
In connection with the placement the Company
will pay cash finder’s fee of $15,358 to StephenAvenue Securities
Inc. (“StephenAvenue”) of Toronto, Ontario. The Company will
also issue 219,400 warrants to StephenAvenue. Any share
purchased through the exercise of the warrants has the mandatory
four (4) month and one (1) day holding period from the date of
closing of the placement and each warrant gives StephenAvenue the
right to purchase one (1) common share at $0.10 for 36 months
following the closing of the Placement.
Mrs. Noëlle Drapeau, HPQ Corporate Secretary and
a Director has subscribed for 100,000 Units. Following the
completion of the Private Placement, Mrs. Drapeau will beneficially
own or exercise control or direction over, directly or indirectly,
1,778,416 Common Shares, representing approximately 0.77% of the
issued and outstanding Common Shares of the Company.
The participation of Mrs. Drapeau 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 Mrs. Drapeau 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 Mrs. Drapeau therein, with Mrs. Drapeau abstaining
with respect to his participation.
About Silicon
Silicon (Si) is one of today’s strategic
materials needed to fulfil the renewable energy revolution
presently under way. Silicon does not exist in its pure state; it
must be extracted from quartz, one of the most abundant minerals of
the earth’s crust and other expensive raw materials in a
carbothermic process.
About HPQ Silicon
HPQ Silicon Resources Inc. (TSX-V: HPQ) is
developing, with PyroGenesis Canada Inc. (TSX-V: PYR), a high-tech
company that designs, develops, manufactures and commercializes
plasma base processes, the innovative PUREVAPTM “Quartz Reduction
Reactors” (QRR), a truly 2.0 Carbothermic process (patent pending),
which will permit the One Step transformation of Quartz (SiO2) into
High Purity Silicon (Si) at prices that will propagate its
considerable renewable energy potential. The Gen3 PUREVAPTM
QRR pilot plant that will validate the commercial potential of the
process is scheduled to start during Q1 2020.
HPQ, working with PyroGenesis, is also
developing a process that can take the High Purity Silicon (Si)
made by the PUREVAPTM and manufacture Nano-Structure Silicon
powders for Next Gen Li-ion batteries. Starting in Q1 2020,
the plan is to validate our game changing manufacturing approach
using a modified Gen2 PUREVAPTM reactor to produce Nanoscale
Structure Silicon (Si) powders samples for industry participants
and research institutions’.
Concurrently, HPQ is also working with industry
leader Apollon Solar to develop a manufacturing capability that
uses the High Purity Silicon (Si) made with the PUREVAP™ to make
Porous silicon wafers needed for solid-state Li-ion
batteries. The first Silicon wafer should be ready to be ship
for testing to a battery manufacture (under NDA) during Q1
2020.
Finally, with Apollon Solar, we are also looking
into developing a metallurgical pathway of producing Solar Grade
Silicon Metal (SoG Si) that will take full advantage of the
PUREVAPTM QRR one-step production of Silicon (Si) material of 4N+
purity with low boron count (< 1 ppm).
All in all, HPQ focus is becoming the lowest
cost producer of Silicon (Si), High Purity Silicon (Si),
Nano-Structure Silicon powders for Next Gen Li-ion batteries,
Porous Silicon Wafers for Solid states Li-ion batteries, Porous
Silicon Powders for Li-ion batteries and Solar Grade Silicon Metal
(SoG-Si).
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.
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 security’s
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 Email: Info@hpqsilicon.com
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