Geomega Announces Grant of Incentive Equity Compensation and Extension of Warrants

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MONTREAL, Jan. 26, 2024 (GLOBE NEWSWIRE) — Geomega Sources Inc. (“Geomega” or the “Company”) (TSX.V: GMA) (OTC: GOMRF), a developer of fresh applied sciences for the mining, refining, and recycling of uncommon earths and different essential supplies, pronounces that it has granted 845,000 inventory choices (“Choices”) to workers, 971,000 Deferred Share Models (“DSU”) to the members of the Board of Administrators and 1,302,000 Restricted Share Models (“RSU”) to the officers of the Company (collectively, the “Awards”), the entire pursuant to the phrases and situations of the Omnibus Fairness Compensation Plan (“Omnibus Plan”). The Omnibus Plan’s goal is to create an incentive compensation program that’s aligned with the Company’s long-term aims. As well as, the Company pronounces the proposed two-year extension of 704,028 frequent share buy warrants expiring on February 8, 2024.

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The issuance of the Awards was beneficial by the Company Governance, Compensation and Nomination Committee (the “Committee”) following the approval of the Omnibus Plan at the newest annual assembly of Shareholders in October 2023, and taking into account the milestones achieved within the final two fiscal years and the truth that no Choices have been issued, or different incentive compensation paid throughout that point.

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The small print of the Awards are as follows:

Inventory Choices: an mixture of 845 000 Choices have been issued to workers at an train worth of $0.215 and expiring after 5 years. The Choices vest over a 2-year interval in increments of 25% each 6 months.

Deferred Share Models: an mixture of 971,000 DSUs have been issued to the members of the Board of Administrators. The DSUs vest one yr from the date of grant, topic to sure exceptions, and every DSU entitles the holder to obtain one share of the Company, or in sure circumstances a money fee equal to the worth of 1 share of the Company, on the time the holder ceases to be a Director of the Company. The variety of DSUs granted was calculated primarily based on the compensation to be paid to Administrators for fiscal 2022 and 2023, as beneficial by the Committee, and utilizing a 10-day VWAP of the shares on the TSXV to calculate the worth, the entire as offered within the Omnibus Plan.

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Restricted Share Models: an mixture of 1,302,000 RSUs have been issued to officers of the Company. The RSUs vest over a 2-year interval in increments of 25% each 6 months and could also be settled after 3 years. The variety of RSU granted to the officers of the Company was calculated primarily based on the compensation to be paid, as beneficial by the Committee, and utilizing a 10-day VWAP of the shares on the TSXV to calculate the worth, the entire as offered within the Omnibus Plan.

Warrants Extension

As well as, Geomega has filed to increase the expiry date of 704,028 frequent share buy warrants for two years as per the desk beneath, topic to the ultimate approval of the TSX Enterprise Change:

These warrants have been issued pursuant to the personal placement, which closed on February 8, 2022, of 1,408,055 models (see press release of February 9, 2022). There aren’t any different proposed adjustments to the phrases of the warrants.

About Geomega (www.geomega.ca)
Geomega develops progressive applied sciences for extraction and separation of uncommon earth components and different essential metals important for a sustainable future. With a deal with renewable energies, automobile electrification, automation and discount in vitality utilization, uncommon earth magnets or neo-magnets (NdFeB) are on the middle of all these applied sciences. Geomega’s technique revolves round step by step de-risking its progressive know-how and delivering cashflow and return worth to shareholders whereas working straight with the principle gamers in these industries to recycle the magnets that energy all these applied sciences.

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As its applied sciences are demonstrated on bigger scales, Geomega is dedicated to work with main companions to assist extract worth from mining feeds, tailings and different industrial residues which include uncommon earths and different essential metals. Regardless of the steel or the supply, Geomega adopts a constant strategy to scale back the environmental impression and to contribute to reducing greenhouse gases emissions by means of recycling the foremost reagents within the course of.

Geomega’s course of relies round its proprietary, low-cost, environmentally pleasant technique to faucet right into a C$1.5 billion world market to recycle magnet manufacturing waste and finish of life magnets profitably and safely.

Geomega additionally owns the Montviel uncommon earth carbonatite deposit, the biggest 43-101 bastnaesite useful resource estimate in North America and holds over 16.8M shares, representing roughly 14% of the issued and excellent shares, of Kintavar Exploration Inc. (KTR.V), a mineral exploration firm that’s exploring for copper initiatives in Quebec, Canada.

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Cautions Concerning Ahead-Wanting Statements
Neither TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.

This information launch incorporates statements that will represent “forward-looking data” or “forward-looking statements” throughout the that means of relevant Canadian securities laws. Ahead-looking data and statements could embrace, amongst others, statements relating to future plans, prices, aims or efficiency of the Company, or the assumptions underlying any of the foregoing. On this information launch, phrases equivalent to “could”, “would”, “may”, “will”, “doubtless”, “consider”, “count on”, “anticipate”, “intend”, “plan”, “estimate” “goal” and related phrases and the destructive kind thereof are used to determine forward-looking statements. Ahead-looking statements shouldn’t be learn as ensures of future efficiency or outcomes, and won’t essentially be correct indications of whether or not, or the instances at or by which, such future efficiency will probably be achieved. No assurance might be provided that any occasions anticipated by the forward-looking data will transpire or happen, together with as regards the commercialization of any of the know-how referred to above, or if any of them achieve this, what advantages the Company will derive. Ahead-looking statements and knowledge are primarily based on data accessible on the time and/or administration’s good-faith perception with respect to future occasions and are topic to recognized or unknown dangers, uncertainties, assumptions and different unpredictable elements, lots of that are past the Company’s management. These dangers, uncertainties and assumptions embrace, however will not be restricted to, these described underneath “Danger Components” within the Company’s annual administration’s dialogue and evaluation for the fiscal yr ended Could 31, 2023, which is on the market on SEDAR at www.sedar.com; they might trigger precise occasions or outcomes to vary materially from these projected in any forward-looking statements. The Company doesn’t intend, nor does the Company undertake any obligation, to replace or revise any forward-looking data or statements contained on this information launch to replicate subsequent data, occasions or circumstances or in any other case, besides if required by relevant legal guidelines.

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