HPQ Silicon Sells Its Remaining Quartz Exploration Property for $300,000 to Quebec Silica Resources Corp.

HPQ Silicon Sells Its Remaining Quartz Exploration Property for $300,000 to Quebec Silica Resources Corp.

HPQ Silicon Inc. (OTCQX:HPQFF)

HPQ Silicon Inc. (OTCQX:HPQFF), a creative silicon solutions and technology design firm, would like to inform shareholders that, following the July 15, 2022, press release announcing a successful change of classification on the TSX Venture Exchange (the “Exchange”) from a Tier 2 Mining Issuer to an Industrial, Technology, or Life Sciences Tier 1 Issuer, HPQ has executed a property purchase agreement with Quebec Silica Resources Corporation (CSE: QTZ) (“QTZ”) for the Sale of HPQ’s final exploratory assets, the Roncevaux and Martinville Quartz sites, for $300,000 in cash.

The Roncevaux And Martinville Quartz Properties 

The Roncevaux property is located in the Matapedia area of Gaspé, approximately 75 kilometers south of Causapscal. It consists of 27 map-designated cells (Claims) totaling 1,551 hectares accessible for investigation. The Martinville Property is located in the Eastern Township, 180 kilometers east of Montreal and 30 kilometers south of Sherbrooke. It comprises 36 map-designated cells (Claims) totaling 2,179 hectares accessible for investigation. Due to the company’s classification change, both properties were no longer categorized as ” Exploration Properties ” in HPQ financial statements. Still, they were referred to as ” Exploration and Evaluation Assets held for Sale, according to Pressreach

Important Point Of The Transaction 

Under the conditions of the “arm’s length transaction,” and subject to both sides acquiring the necessary regulatory approvals, HPQ Silicon agrees to transfer to QTZ 100% ownership of both properties, and QTZ agrees to issue 3,000,000 Acquisition Units to HPQ for $0.10 per Acquisition Unit ($300,000). Each Acquisition Unit consists of one (1) Acquisition Share and one-half (12) of an Acquisition Warrant, with each Acquisition Warrant entitling HPQ Silicon to purchase one (1) Common Share for $0.15 for three (3) years after the Closing Date. The transaction’s precise closing date will be revealed once all regulatory clearances for HPQ Silicon and QTZ have been secured.

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