MONTREAL, March 04, 2021 (GLOBE NEWSWIRE) -- Innovative silicon solutions provider HPQ Silicon Resources Inc. (“HPQ” or the “Company”) ( TSX-V: HPQ ; FWB: UGE ; Other OTC :HPQFF ), is pleased to update investors on its financial position. Since January 1, 2021, the Company has raised an additional $1,269,250 through the exercise of options and warrants, and currently has over CAD$7.4 million cash equivalent in hand.
HPQ has the money to support it aggressive development strategy
In addition to the CAD$7.4 million, the cash value of outstanding in- the- money warrants (93% of them owned by PyroGenesis Canada Inc, Investissement Quebec (IQ), insiders and strategic investors) and options represent an additional $11.6 M cash available to fund our projects going forward.
“With access to over $19 M, HPQ has the necessary funds to continue its research and development to commercialization, of our PUREVAP™ family of processes. The funds available will also allow HPQ to investigate other potential game – changing opportunities. HPQ continues to look for synergistic opportunities in order to remain at the forefront of innovative processes for the storage and delivery of clean renewable energy ,” said Bernard Tourillon, Chairman and CEO of HPQ Silicon Resources Inc. “ HPQ’s Silicon R&D Consortium has the depth and flexibility to meet the challenges, as we strive to produce products for renewable energy storage participants and electric vehicle manufacturers, each of which is searching for cost-effective ways to increase the Silicon content of their batteries . We are very confident that the Silicon materials we are developing, with our expected low-cost scalable processes, will be in high demand for batteries, and by EV manufacturers and other participants in the ongoing renewable energy revolution.”
About HPQ Silicon Resources
HPQ Silicon Resources Inc. ( TSX-V: HPQ ) is a Quebec-based company that offers innovative 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.
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 (SiO 2 ) in what has historically been a capital and energy-intensive process.
With PyroGenesis Canada Inc. ( TSX: PYR ) , a high-tech company that designs, develops, manufactures and commercializes plasma - based processes, HPQ is developing the PUREVAP TM “Quartz Reduction Reactors” (QRR) , an innovative process (patent pending), which will permit the one-step transformation of quartz (SiO 2 ) 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 PUREVAP TM Nano Silicon Reactor (NSiR ) is a new proprietary process that can use different purities of silicon (Si) as feedstock, to make a wide range of nano/micro spherical powders of different sizes and nanowires.
HPQ continues working with industry leader Apollon Solar of France , and to develop the hydrogen generation potential of Silicon nanopowders for use with the Gennao TM system and to commercialize, exclusively in Canada, and non-exclusive in the U.S.A., the Gennao TM H 2 system and the chemical powders required for the hydrolysis production of hydrogen ("H 2 "). For more information, please visit HPQ Silicon web site .
Disclaimers:
The Corporation’s interest in developing the PUREVAP™ QRR and any projected capital or operating cost savings associated with its development should not be construed as being related to the establishing the economic viability or technical feasibility of any of the Company’s Quartz Projects.