MONTREAL, Oct. 04, 2018 (GLOBE NEWSWIRE) -- HPQ Silicon Resources Inc (“HPQ”) (TSX Venture:
HPQ) is pleased to inform shareholders that HPQ subsidiary, Beauce Gold Fields Inc, (“BGF”) has received conditional
approval for a new listing from the TMX: TSX Venture Exchange (“Exchange”). The new listing will trade under the reserved
stock symbol BGF. As part of the conditional approval process, the Exchange has also approved a minimum concurrent BGFI
private placement financing of $550,000.
Patrick Levasseur, President and CEO of HPQ Beauce Gold Fields stated, “The listing of BGF will allow HPQ to
unlock the full potential value of the Beauce Gold property through a fresh new entity that is starting with a tight capital
structure.” Mr. Levasseur also stated “The Beauce is Canada’s last underexplored historical placer mining camp. It’s
similar to the White Gold projects in the Yukon or the Cariboo district in BC, that were both placer gold mining camps as well, but
recently had major gold discoveries. Combining our large claims holding in St-Simon-Les-Mines together with our increasing
knowledge of the geology, we believe we have narrowed the search in exploring for a hard rock gold deposit”
TSX-V Conditional Approval and Concurrent Private Placement
The Listing of BGF is conditional to the submission and satisfactory review of the Listing Application, the
required financial statements plus various supporting documents and the closing of the minimum Private Placement of $550,000.
In this regard, the Exchange has conditionally accepted the Company's notice for filing in connection with the
proposed transaction of a BGFI Private Placement on the following basis:
- A minimum of 1,666,666 flow-through units (FT Units) at the price of $0.12 per FT Unit and 3,500,000 hard-cash units (HC
Units) at the price of $0.10 per HC Unit ($550,000); and
- A maximum of 1,666,666 FT Units at the price of $0.12 per FT Unit and 5,500,000 HC Units at the price of $0.10 per HC Unit
($750,000).
Each HC Unit will be comprised of one common share and one warrant to purchase one common share at the price of
$0.15 per share for two years following the closing date. Each FT Unit will be comprised of one flow-through common share and
one-half of one warrant, with each full warrant allowing the holder to purchase one common share at the exercise price of $0.18 per
share for a period of two years following the closing date.
Beauce Gold Fields – A Tight Capital Structure at Listing
| |
Market Capitalization: |
? $1,8 million |
| |
Shares Outstanding: |
? 18,866,666 to 20,866,666 |
| |
HPQ Direct Ownership: |
? 2,870,000 or 14% to 15% |
| |
HPQ shareholders: |
? 10,680,000 or 51% to 57% |
| |
of which HPQ Insiders would own: |
? 1,000,000 or ? 5% |
| |
And PyroGenesis would own: |
? 1,000,000 or ? 5% |
| |
Shares Fully Diluted: |
? 29,258,972 to 31,258,972 |
|
Transactions |
Number of Shares
Minimum |
Number of Shares
Maximum |
|
Private Placement to HPQ |
200,000 |
200,000 |
|
Spin-out – Shares at $0.10 per Share |
13,350,000 |
13,350,000 |
|
Flow Through Private Placement at $0.12 per Share |
1,666,666 |
1,666,666 |
|
Hard Cash Private Placement at $0.10 per Share |
3,500,000 |
5,500,000 |
|
Warrants- Private Placement |
4,333,333 |
6,133,333 |
|
Warrants – HPQ warrant holders * |
4,158,973 |
4,158,973 |
|
Stock Option Plan (rolling 10%) |
1,900,000 |
1,900,000 |
* Subject to adjustment based on the final HPQ Ratio upon the Ex-Distribution Date.
About Beauce Gold Fields
BGF is a wholly owned subsidiary of HPQ Silicon into which HPQ gold assets were transferred. Subject
to approval by TSX-V, HPQ is in the process of listing BGF as a new public junior gold company, following the approval by
shareholders during HPQ AGM held on Aug. 10, 2018, of the proposed terms of the plan of arrangement.
The Beauce Gold Fields project is a unique, historically prolific gold property located in the municipality of
Saint-Simon-les-Mines in the Beauce region of Southern Quebec. Comprising of a block of 152 claims 100% owned by HPQ, the project
area hosts a six kilometre long unconsolidated gold-bearing sedimentary unit (a lower saprolite and an upper brown diamictite).
Textural observations (angularity) of gold nuggets suggest a relatively proximal source and therefore a short transport distance.
The gold in saprolite indicates a close proximity to a bedrock source of gold, providing possible further exploration
discoveries. The property was also hosts numerous historical gold mines that were active from 1860s to the 1960s (see HPQ
SEDAR-filed report).
A Beauce Gold Fields presentation is available and can be downloaded via the following link. http://www.hpqsilicon.com/wp-content/uploads/2017/07/BGF-Presentation-V-Jul-2017.pdf
About HPQ Silicon
HPQ Silicon Resources Inc. is a TSX-V listed resource company planning to become a vertically integrated and
diversified 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 production of high performance photovoltaic conversion.
HPQ’s goal is to develop, in collaboration with industry leaders, PyroGenesis (TSX-V: PYR) and Apollon Solar,
that are experts in their fields of interest, the innovative metallurgical PUREVAPTM “Quartz Reduction Reactors (QRR)”
process (patent pending), which will permit the transformation and purification of quartz (SiO2) into high purity
silicon metal (Si) in one step and reduce by a factor of at least two-thirds (2/3) the steps required to transform quartz
(SiO2) into SoG Si. The pilot plant equipment that will validate the commercial potential of the process is on schedule
to start mid-2019.
Disclaimers:
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.
For further information contact
Bernard J. Tourillon, Chairman, President and CEO HPQ Tel (514) 907-1011
Patrick Levasseur, COO HPQ, President and CEO BGF Tel: (514) 262-9239
www.HPQSilicon.com
Shares outstanding: 222,284,053
