MONTREAL, Feb. 09, 2022 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“Geomega” or the “Corporation”) (TSX.V: GMA) (OTC: GOMRF), a developer of clean technologies for the mining, refining and recycling of rare earths, is pleased to announce the continuation of hydrometallurgical test work on its Montviel rare earths deposit. The work will be done by Innord, the 100% owned subsidiary of Geomega, with a $400,000 funding contribution from the Ministère de l’Énergie et des Ressources Naturelles (“MERN”) of Quebec. To complement the working budget for this project, Geomega closed a non-brokered private placement (the “Offering”) of 1,408,055 units (the “Units”), at a price of $0.27 per Unit, for aggregate gross proceeds in the amount of $380,175 with Quebec based institutional investors and insiders of the Corporation. This will allow the Corporation to have a dedicated budget for this project, independent of the budget allocated for the construction of the rare earth magnets recycling plant in St-Bruno, which is progressing towards equipment ordering, and other R&D projects.
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