The issuance of the Awards was recommended by the
The details of the Awards are as follows:
Stock Options: an aggregate of 845 000 Options were issued to employees at an exercise price of
Deferred Share Units: an aggregate of 971,000 DSUs were issued to the members of the Board of Directors. The DSUs vest one year from the date of grant, subject to certain exceptions, and each DSU entitles the holder to receive one share of the Corporation, or in certain circumstances a cash payment equal to the value of one share of the Corporation, at the time the holder ceases to be a Director of the Corporation. The number of DSUs granted was calculated based on the compensation to be paid to Directors for fiscal 2022 and 2023, as recommended by the Committee, and using a 10-day VWAP of the shares on the TSXV to calculate the value, the whole as provided in the Omnibus Plan.
Restricted Share Units: an aggregate of 1,302,000 RSUs were issued to officers of the Corporation. The RSUs vest over a 2-year period in increments of 25% every 6 months and may be settled after 3 years. The number of RSU granted to the officers of the Corporation was calculated based on the compensation to be paid, as recommended by the Committee, and using a 10-day VWAP of the shares on the TSXV to calculate the value, the whole as provided in the Omnibus Plan.
Warrants Extension
In addition, Geomega has filed to extend the expiry date of 704,028 common share purchase warrants for 2 years as per the table below, subject to the final approval of the
Number of Warrants | Current Expiry Date | New Expiry Date | Exercise price |
704,028 |
These warrants were issued pursuant to the private placement, which closed on
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.
As its technologies are demonstrated on larger scales, Geomega is committed to work with major partners to help extract value from mining feeds, tailings and other industrial residues which contain rare earths and other critical metals. Irrespective of the metal or the source, Geomega adopts a consistent approach to reduce the environmental impact and to contribute to lowering greenhouse gases emissions through recycling the major reagents in the process.
Geomega’s process is based around its proprietary, low-cost, environmentally friendly way to tap into a
Geomega also owns the Montviel rare earth carbonatite deposit, the largest 43-101 bastnaesite resource estimate in
For further information, please contact:
President and CEO Geomega 450-641-5119 ext.5653 kmugerman@geomega.ca |
Vorticom Public Relations 212-532-2208 nancyt@vorticom.com Twitter: @Geomega_REE |
Cautions Regarding Forward-Looking Statements
Neither
This news release contains statements that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of the Corporation, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including as regards the commercialization of any of the technology referred to above, or if any of them do so, what benefits the Corporation will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Corporation’s annual management’s discussion and analysis for the fiscal year ended
Source:
2024 GlobeNewswire, Inc., source