HPQ Silicon Sells Remaining Quartz Exploration Properties to Quebec Silica Resources Corp for $300,000 Consideration
August 31 2022 - 8:00AM
HPQ Silicon Inc. (“HPQ” or the “Company”) (TSX-V: HPQ)
(OTCQX: HPQFF) (FRA: O08), an innovative silicon
solutions and technology development company, would like to inform
shareholders that, subsequent to the July 15, 2022 press release
announcing a successful change of classification from a Tier 2
Mining Issuer to an Industrial, Technology or Life Sciences Tier 1
Issuer on the TSX Venture Exchange (the “Exchange”), HPQ has signed
a Property acquisition transaction with Quebec Silica Resources
Corporation (CSE: QTZ) ("QTZ”) regarding the sale of HPQ’s last
exploration assets, the Roncevaux and Martinville Quartz
properties, for a $300,000 consideration.
THE RONCEVAUX AND MARTINVILLE QUARTZ
PROPERTIESThe Roncevaux property is in the Matapedia
region of Gaspé, about 75 km south of Causapscal and is made up of
27 map designated cells (Claims) covering a total of 1,551 hectares
available for exploration. The Martinville Property is in the
Eastern Township, 180 km east of Montreal, 30 km south of
Sherbrooke and is made up of 36 map-designated cells (Claims)
covering a total of 2,179 hectares available for exploration. Both
properties were no longer classified as “Exploration Properties” in
HPQ financial statements; but were referred to as “Exploration and
Evaluation Assets held for Sale” as a result of the company's
change in classification.
SALIENT POINT OF THE
TRANSACTIONUnder the terms of the “arm’s length
transaction”, and subject to both parties obtaining the required
regulatory approvals, HPQ agrees to transfer to QTZ 100% interest
in both properties and QTZ agrees to issue to HPQ 3,000,000
Acquisition Units, at a price of $0.10 per Acquisition Unit
($300,000). Each Acquisition Unit is comprised of one (1)
Acquisition Share and one-half (½) of an Acquisition Warrant, with
each Acquisition Warrant entitling HPQ to subscribe for one (1)
Common Share at a price of $0.15 for a period of three (3) years
following the Closing Date. The exact closing date of the
transaction will be announced once all regulatory approvals have
been received for HPQ and QTZ.
HPQ CEO Bernard Tourillon commented: “With HPQ
now classified as a Tier 1 level Industrial, Technology or Life
Sciences issuer; combined with the PUREVAPTM GEN3 QRR pilot plant
about to come online, the time was right for us to move on from all
exploration assets. HPQ’s value proposition is derived from
harnessing the potential of its silicon materials innovations: the
manufacturing and commercializing of silicon and nanosilicon
materials needed for ESG compliant silicon materials. With this
transaction, we can focus all of our efforts on our silicon
initiatives and let QTZ focus on developing quartz resources.”
About Quebec Silica Resources
Corp.Québec Silica is a mineral exploration company
focused on acquiring and exploring mineral resource properties with
an emphasis on the Charlevoix Silica Property located near
St-Urbain, Québec, Canada. Québec Silica's goal is to explore for,
develop, and provide silica resources for the new green economy
such as Silicon Lithium batteries, solar silicon, telecommunication
and optics, and biomedical applications.
About HPQ Silicon IncHPQ
Silicon Inc. (TSX-V: HPQ) is a Quebec-based innovative
silicon solutions company that offers silica (SiO2) and silicon
(Si) based solutions, and is developing a unique portfolio of high
value-added silicon (Si) products sought after by battery and
electric vehicle manufacturers, among other industries.
Silicon (Si), also known as silicon metal, is
one of today’s key strategic materials needed for the
decarbonization of the economy and the Renewable Energy Revolution
(“RER”). However, silicon does not exist in its pure state and must
be extracted from quartz (SiO2) in what has historically been a
capital and energy-intensive process.
With PyroGenesis Canada
Inc.(TSX: PYR) (NASDAQ: PYR), HPQ is developing:
-
the PUREVAPTM “Quartz
Reduction Reactors” (QRR), an innovative process (patent
granted in the United States and pending in other jurisdictions),
which will permit the one-step transformation of quartz (SiO2) into
high purity silicon (Si) at reduced costs, energy input, and carbon
footprint that will propagate its considerable renewable energy
potential.
-
Through its 100% owned subsidiary, HPQ NANO Silicon Powders Inc.,
the PUREVAPTM Nano
Silicon Reactor (NSiR) is a new
proprietary process that can use material produced by the QRR as
feedstock, to make a wide range of nano/micro spherical powders and
nanowires of different sizes.
-
Through its second 100% owned subsidiary, HPQ Silica POLVERE Inc.,
HPQ is developing a new plasma-based process that allows a direct
Quartz to Fumed silica transformation, removing the usage of
hazardous chemicals in the making of Fumed silica and eliminating
the Hydrogen Chloride Gas (HCI) associated with its
manufacturing.
HPQ is also a technology development company
interested in developing hydrogen-based ventures, that could be
complementary to the QRR efforts. Currently, HPQ is evaluating two
different approaches to reach this goal, those being:
-
Working with Swiss based company EBH2 Systems SAS on their
proprietary process to manufacture Green Hydrogen via electrolysis,
and
-
Developing HPQ’s own processes of making hydrogen via hydrolysis of
nanosilicon materials made by our PUREVAPTM (NSiR).
For more information, please visit HPQ Silicon
web site.
Disclaimers:
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 ongoing 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.
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.
Source: HPQ Silicon
Inc.For further information contact:Bernard J.
Tourillon, Chairman, President, and CEO Tel +1 (514)
907-1011Patrick Levasseur, Special Advisor to the CEO Tel: +1 (514)
262-9239Email: Info@hpqsilicon.com
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