- Geomega (GMA) has closed a C$1M non-brokered private placement with Michael Gentile
- Gentile made the investment based on conviction that Geomega’s research and development are nearing a critical phase of commercialization
- He has been appointed as a strategic advisor to the company
- Geomega develops technologies for the extraction and separation of rare earth elements and other critical metals
- Geomega (GMA) is up by 22.92 per cent trading at $0.295 per share
Geomega (GMA) has closed a C$1M non-brokered private placement with Michael Gentile.
Gentile is considered one of the leading strategic investors in the junior mining sector, owning significant positions in over 15 small-cap mining companies.
He purchased 4,354,667 units priced at $0.24 for gross proceeds to the company of $1,045,120. He made the investment based on the conviction that Geomega’s research and development are nearing a critical phase of commercialization.
Each unit is comprised of one common share and one full share purchase warrant.
Each warrant entitles the holder to acquire one additional share for $0.32 up to 36 months from the closing date.
Geomega will use the proceeds for general working capital.
Gentile has also been appointed as an advisor to the company and granted 1.4M stock options exercisable at $0.24 per share for 2 years. A total of 400,000 options will vest immediately, while the remainder will vest based on the achievement of certain performance objectives.
As a result of the offering, stock options and the Geomega securities Gentile already owns, he will now hold a 9.99-per-cent interest in the company on a partially diluted basis.
“I have followed Geomega closely for several years and they have done a tremendous job developing proprietary technologies that are looking to solve some of the major issues facing the global economy and environment going forward,” stated Gentile. “Namely, increasing the efficiencies of the extraction process and supply of critical EV metals and rare earths in a manner that can have a major positive impact on the environmental footprint of these crucial projects.”
“As a mining investor, Michael recognized the importance of closing the loop in the industry and the economic potential of extracting metals from mining and industrial waste,” added Kiril Mugerman, President and CEO of Geomega. “Geomega’s development of its rare earth recycling technology and its application to bauxite residues and the Montviel Project are the building blocks of what Geomega strives to accomplish in order to close that loop.”
Geomega develops technologies for the extraction and separation of rare earth elements and other critical metals essential for a sustainable future.
Geomega (GMA) is up by 22.92 per cent trading at $0.295 per share as of 11:15 am EST.
