Business
Geomega Resources Enters Into Patent Ownership and Royalty Agreement with CTO
MONTREAL, QUEBEC--(Marketwired - Aug. 14, 2017) - Geomega Resources Inc. ("GéoMégA" or the "Corporation") (TSX VENTURE:GMA) is pleased to announce that the Corp
About this update from Geomega Resources Inc.
[{"type":"text","content":"MONTREAL, QUEBEC--(Marketwired - Aug. 14, 2017) - Geomega Resources Inc. (\"GéoMégA\" or the \"Corporation\") (TSX VENTURE:GMA) is pleased to announce that the Corporation and Innord entered into a patent ownership and royalty agreement with its Chief Technology Officer, Dr. Pouya Hajiani, to insure the long-term development and commercialization of the Corporation's proprietary rare earths extraction and separation technologies (the \"Agreement\"). In addition, the Corporation announces that it has closed a first tranche of $235,000 of a non-brokered private placement (the \"Offering\") of units (the \"Units\"). Each Unit is comprised of one unsecured convertible debenture (each a \"Convertible Debenture\") in the principal amount of $1,000 and 5,000 common share purchase warrants (the \"Warrants\"). The Offering The Convertible Debentures have a two (2) year maturity date (the \"Maturity Date\") and bear an interest of 10% per annum, compounded quarterly and payable quarterly in arrears. The Corporation has the option to pay such interest by delivering such number of common shares of the Corporation (the \"Common Shares\") as may be required, at an issue price per share based upon the 20-day volume weighted average price (\"VWAP\") of the Corporation's common shares on the TSX Venture Exchange (\"TSXV\") on the due date of the quarterly interest payment. Any such interest payment in Common Shares shall be subject to the approval of the TSXV. Each Warrant will entitle the holder to purchase one Common Share (each a \"Warrant Share\") at a price of $0.10 per Warrant Share for a period of twelve (12) months from the closing of the Offering and thereafter at a price of $0.12 per Warrant Share until the date which is twenty-four (24) months from the closing of the Offering. The Convertible Debentures will be convertible into Common Shares at the option of the holder at any time prior to the close of business on the Maturity Date based on the following conversion price, subject to adjustment in certain events (the \"Conversion Price\"): (i) at a price of $0.10 per Common Share if converted during the period of twelve (12) months from the closing of the Offering; and (ii) at a price of $0.12 per Common Share if converted during period following the twelve month (12) anniversary of the closing of the Offering until the date which is t...