Taiwanese Venture Capital Group converts escrowed deposits to equity

About this update from Hpq Silicon Inc

[{"type":"text","content":"Taiwanese Venture Capital Group converts escrowed deposits to equity(via Thenewswire.ca)\n\n \nMontreal, Quebec / TheNewswire / February 29, 2016 - Uragold (TSX Venture: UBR) would like to inform its shareholders that the Taiwanese Venture Capital Group (\"Investors\") through Stone River Capital LLC (see Press Release December 1, 2015) has notified the company of its intention to convert its CAD $250,000 escrow cash installment into shares of Uragold, effective immediately and prior to commencement of the recently announced testing and validation of the PUREVAP(TM) QVR process.\n\n\n \nPrivate Placement\n\n\n \nAs a result of this, Uragold is pleased to announce that it has closed a non-brokered private placement consisting of the issuance and sale of an aggregate amount of 4,375,000 units (\"Unit\") at $0.08 per Unit for gross proceeds of $350,000. The net proceeds from the Private Placement will be used for general corporate expenditures and exploration activities.\n\n\n \nThe funding provide Uragold with resources to market our worldwide exclusive technology grant from PyroGenesis Canada Inc. (PYR: TSX-V) to convert our highly coveted High Purity Quartz Projects into the highest purity, lowest cost supplier of Solar Grade Silicon Metal and Polysilicon to the solar industry (See Press Release September 30, 2015). \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 $ 0.12 during a period of 36 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 \nBernard Tourillon, Chairman and CEO Of Uragold Stated \"The Investors' decision to request the immediate conversion of the funds held in escrow for shares of Uragold is a positive affirmation of the PUREVAP(TM) Quartz Vaporization Reactor (\"PUREVAP(TM) QVR\") potential in Asia. As I stated in our September 30th release, this technology represents a potential quantum leap forward for the solar panel industry becoming a more competitive source of renewable energy. The funding with...

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