HPQ Announces Receipt of Conditional TSX Venture Exchange Approval to Upgrade from Level 2 Mining Issuer to Level 1 Technology Issuer

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HPQ-Silicon Resources Inc.

HPQ Announces Closing of Non-Brokered Private Placement Financing

MONTREAL, May 02, 2022 (GLOBE NEWSWIRE) — HPQ Silicon Resources Inc. (“HPQ” or the “Company”) (TSX-V: HPQ) (OTCQX: HPQFF) (FWB: UGE), an innovative silicon technology and solutions development company, wishes to inform its shareholders that it has received conditional approval from the TSX Venture Exchange (the “Exchange”) to change its classification from a mining issuer to level 2 to an industrial, technological or life issuer. Level 1 transmitter in science.

Given the Company’s focus on commercializing its innovative silicon solutions and technology development, including our hydrogen extraction technology business, the Company believes that the classification change and transition to Tier 1 issuer status on the TSX-V better reflect the Company’s current core business.

The planned change to our classification is conditional on achieving the following milestones by August 1, 2022:

  • Approval by the TSX Venture Exchange of the final version of the change in business description to be incorporated into the management information circular available to shareholders for approval at the annual general and special meeting of HPQ June 30 calendarand2022,

  • Approval by the shareholders of the change of activity during the meeting.

HPQ CEO Bernard Tourillon commented, “HPQ’s value proposition stems from harnessing the potential of our silicon materials innovations, and manufacturing and market of silicon and nanosilicon materials needed to ESG compliant silicone materials. These materials will be used to meet the demands of the impending renewable energy revolution. This is why the time has come for HPQ to become a Tier 1 industrial, technology or life sciences issuer that aligns our sector classification with the most important drivers of shareholder value going forward.

PRIVATE PLACEMENT WITHOUT A BROKER:
In an effort to maintain its level of cash flow allowing the Company to become a Level 1 issuer, HPQ is pleased to announce the closing of a non-brokered private placement of 6,800,000 units (“Unit”) at 0 $.53 per unit for gross proceeds of $3,604,000 with one placed.

Terms of Distribution: Each Unit will consist of one (1) common share and one (1) common share purchase warrant (“Warrant”) of the Company. Each warrant will entitle its holder to purchase one common share of the capital stock of the Company at an exercise price of $0.60 for a period of 24 months from the closing date of the placement. Each share issued under the Offering will have a mandatory hold period of four (4) months and one (1) day from the closing date of the Offering. closing date of the placement The placement is subject to customary regulatory approvals.

About HPQ Silicon Resources
HPQ Silicon Resources Inc. (TSX-V: HPQ) is a Quebec-based innovative silicon solutions company that offers silica (SiO2) and 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 called silicon metal, is today one of the main strategic materials necessary for the decarbonization of the economy and the Renewable Energy Revolution (“RER”). However, silicon does not exist in a pure state and must be extracted from quartz (SiO2) in what has always been a capital and energy intensive process.

With PyroGenesis Canada Inc. (TSX: PYR) (NASDAQ: PYR)HPQ develops:

  1. the PUREVAP® “Quartz Reduction Reactors” (QRR)an innovative process (patent granted in the United States and pending in other jurisdictions), which will enable the single-step transformation of quartz (SiO2) of high-purity silicon (Si) at lower costs, energy input and carbon footprint that will propagate its considerable renewable energy potential.

  2. Through its wholly owned subsidiary, HPQ NANO Silicon Powders Inc., the PUREVAP® Silicon Nano Reactor (NSiR) is a new proprietary process that can use the material produced by the QRR as a raw material, to manufacture a wide range of nano/micro spherical powders of different sizes and nanowires.

  3. Through its second wholly-owned subsidiary, HPQ Silica POLVERE Inc., HPQ is developing a new plasma-based process that will enable direct transformation of quartz into fumed silica, eliminating the use of hazardous chemicals in manufacturing fumed silica and removing hydrogen. Chloride gas (HCI) associated with its manufacture.

HPQ is also a technology development company interested in developing hydrogen-based businesses that could complement QRR’s efforts. Currently, HPQ is evaluating two different approaches to achieve this goal, namely:

  1. Working with the Swiss company EBH2 Systems SAS regarding their proprietary process for manufacturing green hydrogen by electrolysis, and

  2. Develop our own hydrogen manufacturing processes by hydrolysis of nanosilicon materials manufactured by our PUREVAP® (NSiR).

For more information, please visit HPQ Silicon website.

THIS PRESS RELEASE IS NOT DISTRIBUTED IN THE UNITED STATES

This press release is not intended for distribution, directly or indirectly, in the United States (including its territories and possessions, any state of the United States and the District of Columbia). This press release does not constitute or form part of an offer to sell or the solicitation of an offer to buy securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of such jurisdiction. The securities referred to herein have not been and will not be registered under the US Securities Act and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the US Securities Act. No offering of the securities of the Company will be made in the United States, and the Company does not intend to register any part of the offering in the United States.

Disclaimer:

The Company’s interest in developing PUREVAP™ QRR and any projected savings in capital or operating costs associated with its development should not be construed as being related to establishing the economic viability or technical feasibility of one of the Company’s quartz projects.

This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “have the “intent to”, “expect”, “ongoing” and other similar expressions that constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectations 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 market acceptance of our products, our strategy for developing new products and improving the capabilities of existing products, our research and development strategy, the impact of competitive products and pricing, new product development and uncertainties related to the regulatory approval process. These statements reflect the Company’s current views 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 current filings with regulatory authorities. securities, which documents can be viewed 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 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.

This press release is available on the company’s website Discussion forum verified by the CEOa moderated social media platform that allows for civilized discussion and Q&A between management and shareholders.

Source: HPQ Silicon Resources Inc.

For more information, contact:
Bernard J. Tourillon, Chairman of the Board, President and Chief Executive Officer, Tel +1 (514) 907-1011
Patrick Levasseur, Special Advisor to the CEO, Tel: +1 (514) 262-9239
E-mail: [email protected]

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