Business
Geomega Resources Receives $1.235M from Exercise of Warrants and Other Instruments
Strongest ever financial position to drive record investments in commercial R&D applications Over $5.1M in cash and cash equivalents $3M interest-free debt faci
About this update from Geomega Resources Inc.
[{"type":"text","content":" Strongest ever financial position to drive record investments in commercial R&D applications Over $5.1M in cash and cash equivalents $3M interest-free debt facility fully available from IQ for REE recycling demo plant Over $4.2M R&D non-dilutive funding commitments from governments & industry partners MONTREAL, May 10, 2022 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“Geomega” or the “Corporation”) (TSX.V: GMA) (OTC: GOMRF) a developer of clean technologies for the mining, refining and recycling of rare earths, is pleased to update investors on its current financial position. Since the beginning of the current fiscal year (June 1, 2021), the Corporation has raised over $1,234,509 through the exercise of various financial instruments (warrants, broker warrants and options) resulting in the issuance of a combined total of 7,047,763 common shares. All warrants expiring in May 2022 and priced at $0.15 have been exercised. Geomega now has over $5.1M in cash and cash equivalents on hand and an available Debt Facility from Investissement Quebec in the amount of $3.046M for the equipment and construction of the rare earths recycling demonstration plant in Saint-Bruno-de-Montarville, Quebec. “Geomega is in the strongest financial position it has ever been. The most recent private placement funding with cornerstone investor Mr. Michael Gentile, CFA (see press release from May 4, 2022) along with the aforementioned security exercises and other committed funding, will allow the Corporation to accelerate and fully fund it’s key commercial focused projects such as the magnet recycling plant, our bauxite residues project with Rio Tinto and the application of our IP and technology platform to the 100% owned Montviel rare earth deposit. This funding is in addition to the $4.2M (see press release from February 9, 2022 and May 4, 2022) in non-dilutive funding commitments from governments and industry partners such as Rio Tinto. Given the Corporation’s strong balance sheet, we should be able to dramatically accelerate both our current projects and our exciting pipeline of R&D growth projects focused on sustainable technologies in critical and strategic metals. With record levels of investment planned in our numerous commercial focused programs and with end market demand for our solutions never being stronger, the future looks ...