MONTREAL, QUEBEC--(Marketwired - March 1, 2018) - HPQ Silicon Resources Inc. (HPQ) (TSX VENTURE:HPQ)(FRANKFURT:UGE)(OTC PINK:URAGF) invites shareholders and investors to stop by the HPQ booth 2145 at the PDAC and take advantage of the opportunity to talk with HPQ management about the PUREVAP(TM) QRR Project milestones, and plans for 2018 and 2019.
Bernard J. Tourillon, Chairman and CEO of HPQ Silicon stated, "Our methodical approach is yielding exciting results, and we are becoming more optimistic about the success of this project. With every milestone, we are de-risking our project for investors as we advance toward Pilot Plant construction and arrange financings. 2018 and 2019 look very promising, as we continue to build on our technical successes, and build market awareness of the technical and financial progress of our project."
HPQ is in advanced discussions with both a strategic and an institutional investor regarding potential financial backing to cover the remaining costs of the PUREVAP(TM) project. While there are no guarantees of success, discussions are ongoing with a goal of closing during Q2 2018.
PUREVAP(TM) PROJECT COST RECAP
The PUREVAP(TM) Project remains on target from its original budget of $ 8,260,000. Since August 2016 HPQ has raised and invested $ 4,456,000 in the project.
The remaining $ 3,804,000 is payable upon milestones until the end of the project, with $ 1,724,000 payable between July and December 2018, and $ 2,080,000 payable via 9 regular installments from January to September 2019, during commissioning.
In addition to the project funding described above, the Company has plans to raise an additional $2,000,000. These funds will be used for marketing, a buffer for potential cost over runs, and further G&A and R&D through 2019 as the Company continues to grow.
Between December 29 2017 and February 27 2018, an additional $ 182,315 was raised through warrant exercises, including 1,800,000 February 2018 warrants.
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 resource company planning to become a vertically integrated High Purity, Solar Grade Silicon Metal (SoG Si) producer and a manufacturer of multi and monocrystalline solar cells of the P and N types, required for high performance photovoltaic conversion.
HPQ's first goal is to develop, in collaboration with industry leaders Pyrogenesis (PYR.T) and Apollon Solar the innovative metallurgical PUREVAP(TM) "Quartz Reduction Reactors (QRR)" process (patent pending), which will permit it to produce SoG Si in one step. The start of the pilot plant that will validate the commercial potential of the process is planned for second half of 2018.
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.
Shares outstanding: 194,583,673
HPQ Silicon Resources Inc.
Bernard J. Tourillon
Chairman and CEO
HPQ Silicon Resources Inc.
President and COO