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HPQ Silicon Announces Closing of Over-Subscribe Private Placement
(via TheNewswire) Montreal, Quebec, Canada / TheNewswire / December 23, 2016 - HPQ Silicon...
About this update from Hpq Silicon Inc
[{"type":"text","content":"HPQ Silicon Announces Closing of Over-Subscribe Private Placement(via TheNewswire)\n\n \nMontreal, Quebec, Canada / TheNewswire / December 23, 2016 - HPQ Silicon Resources Inc (\"HPQ\") (TSX Venture: HPQ) is pleased to inform its shareholders that it has completed its previously announced non-brokered private placement consisting of the issuance and sale of an aggregate amount of 6,448,211 units (\"Unit\") at $0.14 per Unit for gross proceeds of $902,750. The Net proceeds of the placement will be used for the placement fees; legal expenses; on-going business development costs related to the development of HPQ - 200 TPY R&D Solar Grade Silicon Metal PUREVAP(TM) Quartz Reduction Reactor Pilot Plant and general corporate expenses.\n\n\n \nEach Unit is comprised of one (1) common share and one (1) common share purchase warrant (\"Warrant\") of the Company. Each Warrant will entitle the holder thereof to purchase one common share of the capital stock of the Company at an exercise price of $ 0.25 during a period of 24 months from the date of closing of the placement. Each share issued pursuant to the placement will have a mandatory four (4) month holding period from the date of closing of the placement. The placement is subject to standard regulatory approvals. \n\n\n \nMr. Daryl Hodges, a Director of HPQ Silicon Resources Inc, through a wholly owned company, Ladykirk Capital Advisors Inc and Personally have subscribed to 200,000 Units and 100,000 Units, respectively. Following the completion of the Private Placement, Mr. Hodges and Ladykirk Capital Advisors Inc., taken together will beneficially own or exercise control or direction over, directly or indirectly on 1,537,500 Common Shares representing approximately 0.99% of the issued and outstanding Common Shares of the Company.\n\n\n \nThe participation of each of Mr. Hodges in the Private Placement constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") and Policy 5.9 -Protection of Minority Security Holders in Special Transactions of the Exchange. In connection with this related party transaction, the Company is relying on the formal valuation and minority approval exemptions of respectively subsection 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market valu...