MONTREAL, May 03, 2019 (GLOBE NEWSWIRE) -- HPQ Silicon Resources Inc. (HPQ) (TSX-V:“HPQ”)(UGE.F)(OTC PINK:URAGF) is pleased to announce the receipt of an interim progress report from PyroGenesis Canada Inc (“PyroGenesis”) (PYR.V) highlighting results of GEN2’s material compatibility tests done under actual operating condition.
The PUREVAP™ is a harsh process for materials because of the very high temperatures sustained during operations and the presence of liquid metal. This is why parts of the system which are in proximity of the high temperature regions and liquid metal need to be lined with material that is compatible with the harsh environment. To validate material selection, experimental tests, focussed on the two sections of the reactor susceptible to intense wear and tear were conducted using the GEN2 PUREVAP™.
GEN2 AN INVALUABLE ASSET THAT ALLOWS TESTING UNDER ACTUAL OPERATIONAL CONDITIONS
The GEN2 tests conducted to study the compatibility of the material chosen were done under actual operational conditions, whereby once a pool of silicon metal was created inside the reactor, the tap hole was opened to drain metal out of the reactor and the reactor was inspected for damages or un-expected wear and tear.
For the material chosen for the GEN3, the test were deemed a success since inspection after the test showed no silicon melt attack to the material and no dissolution of the walls by liquid metal.
“This is an other demonstration of where the meticulous approach to R&D and proven track record of taking projects from proof of concept to commercialization of PyroGenesis provides great value to the HPQ PUREVAP™ project” said Bernard J. Tourillon President and CEO of HPQ Silicon Resources. “We are none only reducing the overall risk of the project, we have also ticked off another box in our goal to create both a low cost and green metallurgical approach to producing solar grade silicon metal".
Pierre Carabin, Eng., M. Eng., Chief Technology Officer and Chief Strategist of PyroGenesis has reviewed and approved the technical content of this press release.
In accordance with the agreement between HPQ-Silicon and Agoracom, entered into on July 3, 2014, extended by both parties for additional periods ending July 15, 2018 and July 15, 2019 under the same terms and conditions, HPQ-Silicon board has approved the issuance of 188,333 common shares at a deemed price of 7,5 cents per share to pay $14,125 for services rendered during the period from July 16, 2018 ending October 15, 2018 and HPQ board has also approved the issuance of 235,416 common shares at a deemed price of 6 cents per share to pay $14,125 for services rendered during the period from October 16, 2018 ending January 15, 2019. Each share issued pursuant to the debt settlement will have a mandatory four (4) month and one (1) day holding period from the date of closing.
Furthermore, the Directors of the Corporation have agreed to settle a $75,000.00 debt for services rendered by a service provider to the Corporation by issuing 750,000 units ("Unit") at a price of $0.10 per Unit. Each Unit is comprised of 1 common share and 1 common share purchase warrant of the Corporation. Each Warrant will entitle the holder thereof to purchase one common share of the capital stock of the Company at an exercise price of $ 0.15 per share for a period of 24 months. Each share issued pursuant to the debt settlement will have a mandatory four (4) month and one (1) day holding period from the date of closing. This settlement is subject to the approval of the TSX Venture Exchange.
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 (Symbol HPQ) resource company focuses on becoming a vertically integrated producer of High Purity Silicon Metal (4N+) and a metallurgical producer of Solar Grade Silicon Metal (“SoG-Si”) used in the manufacturing of multi and monocrystalline solar cells of the P and N types, required for production of high performance photovoltaic solar systems.
HPQ’s goal is to develop, in collaboration with industry leaders, PyroGenesis (PYR.V) and Apollon Solar, experts in their fields of interest, the innovative PUREVAPTM “Quartz Reduction Reactors (QRR)”, a new Carbothermic process (patent pending), which will permit the transformation and purification of quartz (SiO2) into high purity silicon metal (4N+ Si) in one step and therefore reduce significantly the CAPEX and OPEX costs associated with a metallurgical transformation of 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
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 Tel: (514) 907-1011
Patrick Levasseur, Vice-President and COO Tel: (514) 262-9239
Shares outstanding: 222,284,053