Geomega Announces Annual Meeting Results; Extends warrants

MONTREAL, Oct. 26, 2023 (GLOBE NEWSWIRE) -- 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 25, 2023. Karine Emond was elected for the first time while Gilles Gingras, Kiril Mugerman, Kosta Kostic, Matt Silvestro and Nick Nickoletopoulos were re-elected to serve as directors of the Corporation (the “Board”). In addition, the Corporation announces the re-appointment of MNP LLP as auditors for the ongoing year and the approval of the omnibus equity incentive 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.

“It has been a year full of exciting progress for Geomega. A new facility to centralize all our operations, major progress on detailed engineering that will take us to construction, bauxite residue valorization technology advanced to pilot plant commissioning and various bench scale work was done on other exciting applications of our technology that we hope to move forward in coming years. The rare earth magnet industry is growing, more magnet plants are being planned and more magnet scrap is becoming available every year as end of life collection increases. Major companies look at solutions to help them reduce their environmental impact and Geomega is there with our innovative technologies to create shareholder value. As we move diligently forward with our projects in this cleantech journey, I would like to thank our shareholders for their continuous support.” commented Kiril Mugerman, President and CEO of Geomega.

Warrants Extension

In addition, Geomega has filed to extend the expiry date of 11,459,093 warrants for 1 year as per the table below, subject to the TSX Venture Exchange final approval:

Number of Warrants	Current Expiry Date	New Expiry Date	Exercise price
11,459,093	November 6, 2023	November 6, 2024	$0.25

These warrants were issued through the private placement of November 2020 including 14,709,093 units and the same number of warrants (see press release of November 10, 2020). There are no other proposed changes to the terms of the warrants.