Geomega Resources Inc. (“
Geomega” or the
“
Corporation”) (TSX.V: GMA) announces that
shareholders have approved all resolutions put forth at the Annual
Meeting of Shareholders (the “
Annual Meeting”)
held in Montreal, Quebec, on Wednesday, October 27, 2021.
Gilles Gingras, Kiril Mugerman, Mario Spino, Kosta Kostic,
Matt Silvestro and Nick Nickoletopoulos were elected to serve as
directors of the Corporation (the “
Board”). In
addition, the Corporation announces the re-appointment of
PricewaterhouseCoopers, LLP as auditors for the ongoing year and
the re-approval of the 10% rolling stock option plan.
Subsequent to the Annual Meeting, the directors
renewed Kiril Mugerman as President and Chief Executive
Officer, Pouya Hajiani as Chief Technology Officer, Mathieu
Bourdeau as Chief Financial Officer and Corporate Secretary and
Alain Cayer as Vice President of Exploration. Gilles Gingras, Nick
Nickoletopoulos and Mario Spino will form the audit committee.
"With countless hours and tireless efforts put
into detailed engineering and R&D activities over the last 12
months, we would like to thank our loyal shareholders for their
patience as we advance through this phase of engineering and
towards the next exciting stages of development of the rare earths
recycling demonstration plant. R&D work by Innord this year
brought to us the bauxite residues opportunity which will become an
important value growth for Geomega as we look to apply our clean
technology beyond REE recycling." commented Kiril Mugerman,
President and CEO of Geomega.
The Board of Directors has also granted
2,120,000 stock options under its Stock Option Incentive Plan to
directors, officers, consultants and employees at an exercise price
of $0.305 per share. The options expire five (5) years from the
date of grant in the case of directors, officers and employees and
two (2) years from the date of grant for consultants.
About Geomega
(www.geomega.ca)Geomega
develops innovative technologies for extraction and separation of
rare earth elements and other critical metals essential for a
sustainable future. With a focus on renewable energies, vehicle
electrification, automation and reduction in energy usage, rare
earth magnets or neo-magnets (NdFeB) are at the center of all these
technologies. Geomega’s strategy revolves around gradually
de-risking its innovative technology and delivering cashflow and
return value to shareholders while working directly with the main
players in these industries to recycle the magnets that power all
those technologies.
As its technologies are demonstrated on larger
scales, Geomega is committed to work with major partners to help
extract value from mining feeds, tailings and other industrial
residues which contain rare earths and other critical metals.
Irrespective of the metal or the source, Geomega adopts a
consistent approach to reduce the environmental impact and to
contribute to lowering greenhouse gases emissions through recycling
the major reagents in the process.
Geomega’s core project is based around the ISR
Technology (Innord’s Separation of Rare Earths), a proprietary,
low-cost, environmentally friendly way to tap into a C$1.5 billion
global market to recycle magnet production waste and end of life
magnets profitably and safely.
Geomega also owns the Montviel rare earth
carbonatite deposit, the largest 43-101 bastnaesite resource
estimate in North America and holds over 16.8M shares, representing
approximately 16% of the issued and outstanding shares, of Kintavar
Exploration Inc. (KTR.V), a mineral exploration company that is
exploring for copper projects in Quebec, Canada.
For further information, please
contact:Kiril MugermanPresident and CEOGeomega450-641-5119
ext.5653kmugerman@geomega.ca
Nancy ThompsonVorticom Public
Relations212-532-2208nancyt@vorticom.comTwitter: @Geomega_REE
Cautions Regarding Forward-Looking
Statements Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release contains statements that may
constitute “forward-looking information” or “forward-looking
statements” within the meaning of applicable Canadian securities
legislation. Forward-looking information and statements may
include, among others, statements regarding future plans, costs,
objectives or performance of the Corporation, or the assumptions
underlying any of the foregoing. In this news release, words such
as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”,
“anticipate”, “intend”, “plan”, “estimate” “target” and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including as regards the
commercialization of any of the technology referred to above, or if
any of them do so, what benefits the Corporation will derive.
Forward-looking statements and information are based on information
available at the time and/or management's good-faith belief with
respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond the Corporation’s control. These risks,
uncertainties and assumptions include, but are not limited to,
those described under “Risk Factors” in the Corporation’s annual
management’s discussion and analysis for the fiscal year ended May
31, 2021, which is available on SEDAR at www.sedar.com; they could
cause actual events or results to differ materially from those
projected in any forward-looking statements. The Corporation does
not intend, nor does the Corporation undertake any obligation, to
update or revise any forward-looking information or statements
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.
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