MONTREAL, QC, Aug. 8th, 2019 (Originally Released on July 26th 2019) /PVBUZZ MEDIA/ — HPQ Silicon Resources Inc. – TSX-V: HPQ; OTC: 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 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.