Geomega Announces Grant of Incentive Equity Compensation and Extension of Warrants

MONTREAL, Jan. 26, 2024 (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 and other critical materials, announces that it has granted 845,000 stock options (“Options”) to employees, 971,000 Deferred Share Units (“DSU”) to the members of the Board of Directors and 1,302,000 Restricted Share Units (“RSU”) to the officers of the Corporation (collectively, the “Awards”), the whole pursuant to the terms and conditions of the Omnibus Equity Compensation Plan (“Omnibus Plan”). The Omnibus Plan’s objective is to create an incentive compensation program that is aligned with the Corporation’s long-term objectives. In addition, the Corporation announces the proposed two-year extension of 704,028 common share purchase warrants expiring on February 8, 2024.

The issuance of the Awards was recommended by the Corporate Governance, Compensation and Nomination Committee (the “Committee”) following the approval of the Omnibus Plan at the most recent annual meeting of Shareholders in October 2023, and taking into consideration the milestones achieved in the last two fiscal years and the fact that no Options were issued, or other incentive compensation paid during that time.

The details of the Awards are as follows:

Stock Options: an aggregate of 845 000 Options were issued to employees at an exercise price of $0.215 and expiring after 5 years. The Options vest over a 2-year period in increments of 25% every 6 months.

Deferred Share Units: an aggregate of 971,000 DSUs were issued to the members of the Board of Directors. The DSUs vest one year from the date of grant, subject to certain exceptions, and each DSU entitles the holder to receive one share of the Corporation, or in certain circumstances a cash payment equal to the value of one share of the Corporation, at the time the holder ceases to be a Director of the Corporation. The number of DSUs granted was calculated based on the compensation to be paid to Directors for fiscal 2022 and 2023, as recommended by the Committee, and using a 10-day VWAP of the shares on the TSXV to calculate the value, the whole as provided in the Omnibus Plan.