Geomega Resources Inc. - Annual Meeting Results
25 October 2019 - 12:14AM
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 23, 2019.
Gilles Gingras, Kiril Mugerman, Mario Spino, Kosta Kostic and
Jean Demers were re-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.
“With all the progress achieved over the last
year and the company at a turning point, we are pleased to have the
support of our shareholders, directors and the entire team as we
embark on this new chapter in the company development. I am
confident that the team that we have put in place will be in
position to deliver the results and to reach the set objectives.”
commented Kiril Mugerman, President and CEO of Geomega.
Geomega has been recently featured in several
articles that can be accessed here and additional material can be
found in the Media section on the Geomega website:
- Financial Post article
- Seeking Alpha article
- Geomega website media
Stock Option GrantsPursuant to
the Corporation’s Stock Option Plan, a total of 1,575,000 stock
options at an exercise price of $0.155 per option have been granted
to directors, officers and employees of the Corporation and its
subsidiaries. These options may be exercised for a period of 5
years after the grant date and they vest gradually over a period of
24 months from the day of grant, at a rate of ¼ per six-month
period, in accordance with the terms of the stock option plan of
the Corporation.
About Geomega
(www.geomega.ca)Based in
Montreal, Canada, Geomega Resources has developed a proprietary,
environmentally friendly “ISR Technology” that recycles rare earth
elements with focus on the permanent magnet industry and produces
four high demand, high price, rare earth elements (HHREE –
specifically Nd, Pr, Tb, Dy).
The Corporation is targeting 2020 for initial
production from its demonstration plant to supply HHREE’s to North
America and other parts of the world.
Geomega also owns the Montviel rare earth
carbonatite deposit and holds over 16.8M shares, representing
approximately 20% of the issued and outstanding shares of Kintavar
Exploration Inc. (KTR.V), a mineral exploration company that is
advancing the Mitchi stratiform copper project in Quebec.
For further information, please
contact:
Kiril MugermanPresident and
CEOGeomega450-641-5119 ext.5653kmugerman@geomega.ca
Dave BurwellVice President The Howard Group Inc.Tel:
403-221-0915Toll Free: 1-888-221-0915dave@howardgroupinc.com
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, 2019, 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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