Geomega Resources Inc.: Annual Meeting Results
23 October 2020 - 12:00AM
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 21, 2020.
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.
“I am pleased to report to shareholders Geomega
is at a very exciting inflection point in its history thanks to the
tireless efforts over the last 12 months by our team. Pilot testing
is progressing very well which is critical for detailed
engineering. We are looking forward to start ordering the main
equipment for the facility that will house production of rare earth
elements from magnet recycling. Many thanks to our loyal
shareholders who are ready to embark on the next stage of this
exciting journey: Using our clean technology to produce rare earth
elements from recycling magnets and eventually from other sources
such as mining and tailings.” commented Kiril Mugerman, President
and CEO of Geomega.
Stock Option
Grants
Following the results of the Annual Meeting,
250,000 stock options at an exercise price of $0.18 per option have
been granted to Mr. Nickoletopoulos who joined the
Board. These options may be exercised for a period of 5 years
after the grant date and are vesting at a rate of 25% per six-month
period, in accordance with the terms of the stock option plan of
the Corporation.
About Geomega
(www.geomega.ca)Based in
Boucherville and St-Bruno, 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 progresses towards 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 19% 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 Mugerman |
President and CEO |
Geomega |
450-641-5119 ext.5653 |
kmugerman@geomega.ca |
|
Nancy
Thompson |
Vorticom
Public Relations |
212-532-2208 |
nancyt@vorticom.com |
Twitter:
@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, 2020, 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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