Hi Juno,

The whole Spin-out process is governed by the concept of "fairness" to shareholders.  This also extends to how holders of outstanding warrants are treated.  The Judge that reviews the Plan Arrangement weighs his decisions based on this.  In fact, we are required to have outside counsel to provide a "Fairness Opinion" report.  In the end, it's the Shareholders that will vote on the Plan and decide if all is "Fair".  Until we do so publicly through a PR, I can't disclose what will happen to the warrants.

The distribution of BGF shares will be similar to a dividend being paid.  The effect on "value" of HPQ shares will be purely market driven such as PUREVAP developments or any other event really.
 
It gives you an idea of the complexity of the Spin-out process all the nitty-gritty details we have to go through!

Regards

Patrick

Patrick Levasseur
President, COO
Tel: 514 846 3271
Cel.: 514 262-9239

HPQ Silicon Resources
3000, Omer-Lavallée St, Suite 306
Montréal (Québec) 
Canada H1Y 3R8

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