- Geomega has raised over $1.2 million through the exercise of warrants, broker warrants and options
- Geomega now has over $5.1M in cash and cash equivalents on hand and an available $3.046M debt facility from Investissement Quebec
- The company expects to accelerate both its current projects and the pipeline of R&D growth projects
- Geomega develops innovative technologies for the extraction and separation of rare earth elements and other critical metals
- Shares of Geomega Resources Inc. (GMA) are unchanged on the day, trading at C$0.28 per share at 12:15 pm ET
Geomega Resources (GMA) has provided an update on its current financial position.
Since the beginning of the current fiscal year (June 1, 2021), Geomega has raised over $1.2 million through the exercise of 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 $3.046M debt facility from Investissement Quebec for the construction of the rare earths recycling demonstration plant in Saint-Bruno-de-Montarville, Quebec.
Kiril Mugerman, President and CEO of Geomega commented on the company’s financial position.
“Geomega is in the strongest financial position it has ever been. The most recent private placement funding with cornerstone investor Mr. Michael Gentile, CFA, along with the aforementioned security exercises and other committed funding, will allow the corporation to accelerate and fund its 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 per cent owned Montviel rare earth deposit. This funding is in addition to the $4.2M 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 very bright for Geomega.”
Geomega develops innovative technologies for the extraction and separation of rare earth elements and other critical metals.
Shares of Geomega Resources Inc. (GMA) are unchanged on the day, trading at C$0.28 per share at 12:15 pm ET.
