According to a statement Tuesday, HPQ directors have agreed to settle an outstanding debt for services rendered by PyroGenesis Canada in connection with works relating to leasehold improvements done in the dedicated PUREVAP Quartz Reduction Reactor premises within PyroGenesis production plant.
The outstanding debt of $395,514 will be settled by issuing 4,394,600 units at a price of $0.09 apiece.
Each unit is comprised of one common share and one common share purchase warrant. Each warrant will allow its holder to subscribe to one common share at the price of $0.10 for a period of 36 months from the date of closing. Each share issued pursuant to the debt settlement will have a mandatory four-month and one-day holding period from the date of closing.
“This transaction is a demonstration of the strong cooperation HPQ and PyroGenesis are implementing as we develop both the PUREVAP Quartz Reduction Reactor and the PUREVAPTM Silicon Nano Reactor processes,” said HPQ CEO Bernard Tourillon.
“Our PUREVAP processes opens up unique multibillion-dollar business opportunity for HPQ and PyroGenesis, as we strive to deliver the critical Silicon nanomaterials required by the surging Li-ion battery market.”
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