MONTREAL, Aug. 17, 2018 (GLOBE NEWSWIRE) -- HPQ Silicon Resources Inc (“HPQ”) (TSX Venture:HPQ) is pleased to advise that shareholders have approved all matters set out in the Information Circular that also included the Plan of Arrangement for the spin-out of Beauce Gold Fields into a separately trading company in a general annual and special meeting (AGM) held last Friday August 10 2018, in Montreal.
Patrick Levasseur of HPQ Silicon stated, “This shareholder approval for the spin-out will finally unlock the potential gold value of the Beauce gold property...” Mr. Levasseur further stated, “After more than a century of major historical placer gold mining in the Beauce, Beauce Gold Fields will be the first company dedicated in the exploration for a hard rock gold deposit as a source of the historical gold placers”
Over 88,548,320 shares representing 44.62 per cent of the 198,463,807 shares issued and outstanding as at the record date were voted.
Results of the AGM votes
- 99.98% approval of the Plan of Arrangement between the Company and Beauce Gold Fields
- The nominees listed in the attached table were re-elected as directors of the corporation to hold office until the next annual meeting or until there successors are elected or appointed.
- With 99.85 per cent of the vote in favour, Raymond Chabot Grant Thornton LLP, chartered accountants, was appointed auditor of the corporation for the ensuing year.
Bernard Tourillon, chairman, President and CEO, stated: "We extremely pleased with obtaining 44.62-per-cent shareholder participation, up from 42.97 per cent last year. Such a strong vote of confidence for the board and management team during this transition year bodes very well for the future."
Other Corporate Issues
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 156,684 common shares at a deemed price of 9 cents per share to pay $14,125 for services rendered during the period from January 16, 2018 ending April 15, 2018. Furthermore, HPQ board has also approved the issuance of 176,562 common shares at a deemed price of 8 cents per share to pay $14,125 for services rendered during the period from April 16, 2018 ending July 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 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-third (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 for an end 2018 start.
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 along with the recent discovery of a fault underneath the historical gold placers, provides 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 below:
This Press 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. https://agoracom.com/ir/HPQ-SiliconResources/forums/discussion
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: 203,050,807
For further information contact:
Bernard J. Tourillon, Chairman President and CEO Tel (514) 907-1011
Patrick Levasseur, COO Tel: (514) 262-9239
Source: HPQ-Silicon Resources Inc.
2018 GlobeNewswire, Inc., source Press Releases