HPQ Silicon raises over $1 million in private placement

HPQ Silicon Inc. (TSX-V: HPQ, OTCQB: HPQFF, FRA: O08) closed a non-brokered private placement raising $1,002,696.83 through the sale of 6,170,442 common shares at $0.1625 per share.

The securities are subject to a four-month-and-one-day hold period under Canadian securities laws. The placement requires final acceptance by the TSX Venture Exchange.

In connection with the placement, HPQ will issue 333,303 warrants to CI Investment Services Inc. as commissions. Each warrant allows the purchase of one common share at $0.18 for 48 months from closing, subject to the same hold period restrictions.

The Montreal-based technology company will use proceeds for working capital and to advance commercialization of its three technology platforms: the Fumed Silica Reactor for commercial scale-up opportunities, HPQ ENDURA+ cells and silicon-based anode materials, and METAGENE autonomous hydrogen production technology.

Chairman, President and CEO Bernard Tourillon participated in the placement, purchasing 615,384 shares for $99,999.90. Following the transaction, Tourillon owns 22,796,794 shares, representing 5.29% of outstanding shares.

Tourillon's participation constituted a related-party transaction under regulatory requirements. The company relied on exemptions from formal valuation and minority approval requirements since the insider participation value did not exceed 25% of market capitalization.

"My $100,000 investment reflects my conviction in the Company's ability to deliver on its near-term execution priorities," Tourillon said in a statement.

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