MONTREAL, QUEBEC -- (Marketwired) -- 02/08/18 -- HPQ Silicon Resources Inc ("HPQ") (TSX VENTURE: HPQ)(FRANKFURT: UGE)(OTC PINK: URAGF) is pleased to inform shareholders that the spin-out of gold assets to Beauce Gold Field ("BGF") by way of a court-approved Plan of Arrangement (the Plan) has reached a new threshold.
Patrick Levasseur of HPQ Silicon stated, "Following the strong support we received from the community for the Beauce Gold Field project, we are eager to move the spin-out forward as soon as possible." Mr Levasseur further stated "After more than a century of major historical placer gold mining in the Beauce, the time has come to find an answer as to where did the placer gold come from and to explore for a hard rock gold deposit"
Beauce Gold Fields Spinout to be done by Plan of Arrangement
As previously announced last August 15, 2017, the Company is proceeding with the spinout of its gold assets to the Beauce Gold Fields Inc subsidiary, by way of a court-approved Plan of Arrangement and a proposed listing on the TSX-Venture Exchange. The Plan will subject to the approval of the company's shareholders at the next Annual General and Special Meeting, subject to a Final Court approval.
The Company has retained the services of legal and Fairness opinion advisors. Various property agreements have been signed between HPQ and BGF regarding projects, mining claims, certain rights and royalty agreements that will only become effective if BGF successfully becomes a TSX-V public listed company.
Upon reception of the final Court approval the board of HPQ will determine date of record, for distribution of BGF shares as a dividend, subject to the approval of the TSX-V.
Further details and updates will be provided to shareholders and other stakeholders via news releases only.
About Beauce Gold Fields
BGF is a wholly owned subsidiary of HPQ Silicon. It is in the process of "Spinning Out" its gold assets into BGF, a new public junior gold company, subject to approval by TSX-V.
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). 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. It can be downloaded via link belowhttp://www.hpqsilicon.com/wp-content/uploads/2017/07/BGF-Presentation-V-Jul-2017.pdf
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. Powered by Agoracom.
Other Corporate issues:
In accordance with the agreement between HPQ-Silicon and AGORACOM (see HPQ (Uragold) press releases July 18, 2014 and April 15, 2016), extended by both Parties for additional periods ending July 15, 2018 under the same terms and conditions, on January 25, 2018, HPQ-Silicon Board has approved the issuance of 166,176 common shares at a deemed price of $0.085 per share to pay $14,125 for services rendered during the period from July 16, 2017, ending October 15, 2017. Furthermore, HPQ Board has also approved the issuance of 117,708 common shares at a deemed price of $0.12 per share to pay $14,125 for services rendered during the period from October 16, 2017, ending January 15, 2018.
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 goal is to develop, in collaboration with industry leaders that are experts in their fields of interest, the innovative metallurgical PUREVAP "Quartz Reduction Reactors (QRR)" process (patent pending), which will permit production of the highest efficiency SoG Si. The pilot plant equipment that will validate the commercial potential of the process is on schedule for 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: 192,679,213
Bernard J. Tourillon
Chairman and CEO
President and COO