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Uragold Bay Resources Signs LOI for $5 Million Funding Commitment and Off-Take Agreement - Video News Alert on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - December 3, 2015) - Uragold Bay Resources (TSXV...
About this update from Hpq Silicon Inc
[{"type":"text","content":"Uragold Bay Resources Signs LOI for $5 Million Funding Commitment and Off-Take Agreement - Video News Alert on InvestmentPitch.comVancouver, British Columbia--(Newsfile Corp. - December 3, 2015) - Uragold Bay Resources (TSXV: UBR) has signed a Letter of Intent with an arm's length Taiwanese venture capital group for a $5 million funding commitment. The funds, to be distributed over the next two years, along with an Off-Take Agreement over the next 20 years, will allow the company to advance technology for converting High Purity Quartz into Solar Grade Silicon Metal and Polysilicon for the solar industry. InvestmentPitch.com has produced a \"video news alert\" which provides a brief overview of the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter \"Uragold\" in the search box. If you cannot view the video above, please visit: http://www.investmentpitch.com/video/0_ctnry1vt/Uragold-Bay-Resources-TSXVUBR-signs-LOI-for-5-million-funding-commitmentIn September, the company announced a partnership with PyroGenesis Canada, whereby PyroGenesis granted Uragold a worldwide exclusive right to the usage of the PUREVAP™ Quartz Vaporization Reactor technology. The unique one step technology, that uses a plasma arc within a vacuum furnace, should allow Uragold to become a vertically integrated and disruptive player in the solar industry. Metallurgical grade silicon world consumption topped 2.25 metric tonnes in 2014, exceeding US$ 6 billion in sales. About 10% of 2014 global metallurgical grade silicon production was further refined into solar grade silicon and and/or higher purity silicon worth another US$6 billion. Successful testing of the PyroGenesis process is expected to be completed in the first quarter of 2016, which will put Uragold in a position to be the highest purity, lowest cost supplier to the solar industry. Bernard Tourillon, Chairman and CEO, stated \"The Investors interest in Uragold was primarily motivated on securing a long-term exclusive right to sell material emanating from the PUREVAP(TM) Quartz Vaporization Reactor Technology 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.\" Terms of this funding agreement are available in the com...