HPQ Comments on Unusual Stock Trading Activity;Provides Company Snapshot/Update MONTREAL, Nov. 08, 2018 (GLOBE NEWSWIRE) -- HPQ Silicon Resources Inc (“HPQ”) (TSX Venture:HPQ) (FRANKFURT:UGE) (OTC PINK:URAGF) announces that it has observed significant and unusual trading in its common stock in recent days. Management wishes to confirm that the Company’s management is unaware of any material change in the Company’s operations that would account for this activity. Management knows of no reason that would give rise to such unusual trading and has no significant information to disclose which could lead to such activity.
“We wish to reassure all of our stakeholders, and market participants, that the fundamentals of HPQ, in terms of activities previously reported on, as well as the progress being made thereon, are not only sound but are moving forward as expected” said Bernard Tourillon, President and CEO of HPQ Silicon. “As such, we wish to provide the following Company snapshot.”
- PUREVAP Gen2:
- Yield testing phase completed
- Awaiting final analysis results and report
- Additional testing before Gen3 is operational mid-2019 possible
- PUREVAP Gen3 Pilot Plant:
- Equipment assembly on schedule
- Plant build-up on schedule
- Permitting received for pilot plant operations
- Patent applications progressing as expected
- HPQ Pilot Plant program still fully funded:
- IQ $1,800,000, 5% and 5 years unsecure convertible debenture closed in August 2018 not affected by government changes in Quebec
- $1,950,000 equity investment done at 100% premium to yesterday close not affected by recent market variation
- $1,500,000 equity line of credit for potential project cost overrun not affected by recent market variation
- HPQ still owns > 500,000 shares of PyroGenesis (PYR: TSX-V)
- HPQ - Beauce Gold Field Spin out:
- Spin out on schedule to be completed
- BGF “Placer to Hard Rock” potential well received
- Demand for PP Financing strong, institutional participation, closing soon
- Date of record will be established after financing closes
- Investors selling before record date not entitled to receive BGF shares
- As per plan of arrangement the HPQ ratio ≈ 4.80%, represent an 8% dividend yield based on yesterday close. (100,000 HPQ = 4,800 new shares of BGF)
HPQ lead technical partner and largest individual shareholder commented:
“From a technical perspective we cannot understand the recent decline in the value of the stock of HPQ,” said Peter Pascali CEO of PyroGenesis Inc. “I just want to confirm that should we see that there is no commercial outcome possible we would not continue pursuing this project. It would not make any sense. We have limited resources and as such we must not only dedicate this scarce commodity to profitable projects but to projects that have a future revenue stream. The longer we are on this project, the more we are de-risking it. With our recent investment in HPQ and the Quebec Government’s support I cannot for the life of me understand the recent decline in the stock. You can rest assured it is not from any undisclosed technical failure.”
Additional information on the Company is available on SEDAR at www.sedar.com.
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