MONTREAL, QUEBEC--(Marketwired - Dec. 5, 2016) - Geomega Resources Inc. ("GéoMégA" or the "Corporation") (TSX VENTURE:GMA) announces that the Corporation entered into an out of court settlement pursuant to which the Corporation and the former senior officer are mutually fully released and discharged from any ongoing and future claims by each other. The Corporation previously disclosed the claim in its financial statements. As part of the settlement, the Corporation will issue among other consideration to the former senior executive a total of 774,337 common shares of GéoMégA at a price of $0.085 per share, subject to the approval of the TSX Venture Exchange.
The Corporation would like to correct an error that was published in its November 30, 2016 English press release: a total of 1,920,000 stock options were granted and not 2,020,000.
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.
77,433,712 common shares of GéoMégA are currently issued and outstanding.
Cautions Regarding Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements regarding our intentions and plans. The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Corporation and involve a number of risks and uncertainties. As a consequence, actual results may differ materially from results forecasted or suggested in these forward-looking statements and readers should not place undue reliance on forward-looking statements. We caution you that such forward-looking statements involve known and unknown risks and uncertainties, as discussed in the Corporation's filings with Canadian securities agencies. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices, success and failure of the exploration and development carried out at various stages of the program, and general business, economic, competitive, political and social conditions. The Corporation expressly disclaims any obligation to update any forward- looking statements, except as required by applicable securities laws.