Geomega Enters Into Patent Ownership and Royalty Agreement with CTO and Closes First Tranche of Convertible Debenture Financing

Geomega Resources (“GéoMégA” or the “Corporation”) (GMA) is pleased to announce that the Corporation and Innord entered into a patent ownership and royalty agreement with its Chief Technology Officer, Dr. Pouya Hajiani, to insure the long-term development and commercialization of the Corporation’s proprietary rare earths extraction and separation technologies (the “Agreement”).
In addition, the Corporation announces that it has closed a first tranche of $235,000 of a non-brokered private placement (the “Offering”) of units (the “Units”). Each Unit is comprised of one unsecured convertible debenture (each a “Convertible Debenture”) in the principal amount of $1,000 and 5,000 common share purchase warrants (the “Warrants”).
Kiril Mugerman, President and CEO of GéoMégA and Innord, said:

“Innord’s objective is to produce primarily commercial grade oxides of Neodymium and Dysprosium in order to enter into concrete discussions with end users. Validation of our separation technology through processing industrial residues was and remains our main objective since 2015.
With large volumes of this high grade material readily available, Innord has the possibility of not only producing lab scale samples for validation but actually process larger volumes and produce salable quantities of separated rare earth oxides.”

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