MONTREAL, June 27, 2018 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“GéoMégA” or the “Corporation”) (TSX-V:GMA) is pleased to announce that GéoMégA and Innord Inc. (“Innord”), its private subsidiary, in collaboration with Centre d’études des proceeds chimiques du Québec (CÉPROCQ) obtained a total of $288,000 in grants from several Federal and Provincial government programs to conduct research on selective metal extraction and purification processes. Research will be conducted under the supervision of Innord’s CTO, Dr. Pouya Hajiani, in collaboration with CÉPROCQ at Innord’s facilities in Boucherville, Quebec.
Furthermore, we are pleased to announce that two scientific articles authored by Innord’s team, Dr. Pouya Hajiani and Dr. Hoda Emami, will be published and presented at the upcoming Extraction 2018 Conference to be held in Ottawa, Ontario. The two articles, which will be presented at the conference section “Processing of Critical Metals”, are titled “Extraction and purification of rare earth elements and cobalt from NdFeB magnet wastes” and “Separation and purification of rare earth elements based on electrophoretic migration (Part II)”. Both abstracts will soon become available on our website.
“With critical metals being so important to clean technologies and electric vehicles, we cannot afford to keep producing rare earth elements from old and polluting technologies. We are very excited to share some of our progress and findings at the upcoming event with the scientific community which has been putting a lot of focus on these issues for all the critical metals.
Our research has been producing some exciting results over the last several years and it is starting to get noticed. Getting additional funding from the Federal and Provincial governments is very important to further the development of our REE and Critical metals processing technology which could ultimately bring new industries to Quebec and Canada.” commented Kiril Mugerman, President and CEO of GéoMégA and Innord.
In addition, GéoMégA has filed to extend the expiry date of 1,302,778 warrants for two years as per the table below, subject to the TSX Venture Exchange approval. There are no other proposed changes to the terms of the warrants.
| Number of Warrants | Current Expiry Date | New Expiry Date | Exercise price | |
| 1,302,778 | June 19, 2018 | June 19, 2020 | $0.23 | |
About GéoMégA (www.geomega.ca)
GéoMégA is a mineral exploration and evaluation company focused on the discovery and sustainable development of economic deposits of metals in Québec. GéoMégA is committed to meeting the Canadian mining industry standards and distinguishing itself with innovative engineering, stakeholders’ engagement and dedication to local transformation benefits.
About Innord Inc.
Innord is a private subsidiary of GéoMégA of which GéoMégA owns 96.1%. The goal of Innord Inc. is to develop and optimize the proprietary separation process of rare earth elements based on electrophoresis, for which it holds all the rights. Electrophoresis is the migration of charged species (ions, proteins, particles) in solution in the presence of an electric field. Innord has filed patents in Canada and the United States to protect its novel separation process and is looking to file in other jurisdictions.
For further information, please contact:
| Kiril Mugerman | ||
| President and CEO | ||
| GéoMégA | ||
| 450-641-5119 ext.5653 | ||
| kmugerman@geomega.ca |
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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 additional closings of the private placement 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 May 31, 2017, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. The Corporation does not intend, nor does the Corporation undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.