PyroGenesis Canada Inc increases its stake in its partner HPQ Silicon Resources Inc through debt settlement
HPQ directors have agreed to settle an unpaid debt for services rendered by PyroGenesis Canada
PyroGenesis Canada Inc () () increased its stake in its partner HPQ Silicon Resources Inc. (CVE: HPQ) (OTCMKTS: URAGF).
According to a press release on Tuesday, the directors of HPQ have agreed to settle an unpaid debt for the services rendered by PyroGenesis Canada within the framework of work relating to the leasehold improvements carried out in the dedicated premises of the PUREVAP quartz reduction reactor within the PyroGenesis production plant.
The outstanding debt of $ 395,514 will be settled by issuing 4,394,600 units at a price of $ 0.09 each.
Each unit is made up of one common share and one common share purchase warrant. Each warrant will allow its holder to subscribe for one common share at a price of $ 0.10 for a period of 36 months from the closing date. Each share issued under the debt settlement will have a mandatory holding period of four months and one day from the closing date.
“This transaction is a demonstration of the close cooperation that HPQ and PyroGenesis are implementing as we develop both the PUREVAP quartz reduction reactor and the PUREVAPTM Silicon Nano Reactor processes,” said Bernard Tourillon, CEO of HPQ.
“Our PUREVAP processes open up a unique, multi-billion dollar business opportunity for HPQ and PyroGenesis, as we strive to deliver the critical silicon nanomaterials required by the growing Li-ion battery market.”
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