MONTREAL, QC, Aug. 19th, 2019 (Originally Published Aug 16th, 2019) /PVBUZZ MEDIA/ — HPQ Silicon Resources Inc. – TSX-V: HPQ; OTC: URAGF; FWB: UGE – (“HPQ” or “the Company”) is pleased to announce that further to its press releases of July 26th 2019, the Corporation has closed its non-brokered private placement after having received late interest for a second tranche.
In this transaction, the Company issued and sold 350,000 units (“Unit”) at $0.10 per Unit for a gross proceeds of up to $35,000. 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.
In connection with the placement the Company paid cash finder’s fee of $1,600 to StephenAvenue Securities Inc. (“StephenAvenue”) of Toronto, Ontario.
The Company also issued 16,000 warrants to StephenAvenue. Each warrant, and any share purchased through the exercise of the warrants have the mandatory four (4) month and one (1) day holding period from the date of closing of the placement and gives StephenAvenue the right to purchase one (1) common share at 15.0 cents for 36 months.
In total, HPQ has issued and sold pursuant to the private placement a total of 3,600,000 units for gross proceeds of $360,000 to the corporation. Bernard Tourillon, Chairman President and CEO of HPQ Silicon stated: “While we were not seeking investors for a second tranche, we were happy to accommodate investors that, like myself, understood the value proposition that is HPQ by participating in a placement at a premium to market.”
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.