“We are very pleased with the closing of this financing. The majority of the Offering was subscribed by new investors who are seeking both near-term cash flow opportunities and Environmental, Social and Governance (“ESG”) investments in the critical and strategic minerals (CSM) space. Geomega’s activities are also aligned with the Government of Quebec Plan for the Development of the Critical and Strategic Minerals with a budget of $90M that was just recently unveiled on October 29, 2020. This government-sponsored financial initiative is aimed at creating wealth while continuing the green energy transition, essential for the fight against climate change. The government’s vision is to make Quebec a leader in CSM production, transformation, reclamation and recycling. The circular economy concept, of which Geomega’s proprietary rare earth magnet recycling project is an integral part of, is at the core of this plan as stated by Benoit Charette, Minister of the Environment and the Fight Against Climate Change during the announcement.” commented Kiril Mugerman, President and CEO of Geomega. You can read more about the Plan for the Development of CSM in Quebec here.
“This comprehensive investment by our government is intended to encourage the development of a green economy. This is a major aspect of the Geomega project. Also, recycling rare earths elements is an avenue for the enhancement and development of critical and strategic minerals in Quebec. With technologies and the energy transition, demand is strong for these minerals.” Jonatan Julien, Minister of Energy and Natural Resources, Minister responsible for the Côte-Nord region.