Geomega Receives $1.07M from Exercise of Warrants and Other Instruments; Well Funded to Accelerate Rare Earths Recycling and other R&D Initiatives

MONTREAL, March 08, 2021 (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 financial position. From November 30^th, 2020 to March 5^th, 2021 the Corporation had raised over $1,078,278 through the exercise of various financial instruments (warrants, broker warrants and options) for a combined total of 6,316,233 shares. Geomega now has over $3.4M cash and cash equivalents on hand and an available Debt Facility from Investissement Quebec for $3.046M.

“Geomega is in a strong position financially and is well positioned to reach production from the rare earths recycling facility. Similarly, the funds available have given us the ability to accelerate our research and development initiatives to evaluate our technology to extract and refine rare earths and other critical metals from a broader range of mining feeds, including mining and industrial waste streams (tailings). Most recently, our process has been successfully demonstrated at the magnet recycling pilot plant to produce hydrogen as a by-product that could be collected (see news) and therefore Geomega continues to evaluate opportunities and synergies in this important emerging clean energy fuel in Quebec and globally. We are confident that our rare earths recycling plant and the associated technologies will be critical in the foreseeable future to become less dependant on foreign entities for the supply of critical and strategic metals, to help develop the circular economy for many of these metals and to reduce mining and industrial waste.” commented Kiril Mugerman, President and CEO of Geomega.

About Geomega (www.geomega.ca)
Geomega develops innovative technologies for extraction and separation of rare earth elements and other critical metals essential for a sustainable future. With a focus on renewable energies, vehicle electrification, automation and reduction in energy usage, rare earth magnets or neo-magnets (NdFeB) are at the center of all these technologies. Geomega’s strategy revolves around gradually de-risking its innovative technology and delivering cashflow and return value to shareholders while working directly with the main players in these industries to recycle the magnets that power all those technologies.