Geomega gets C$1.72 million financing for rare earth recycling project

By Sarah Lizee

Olympia, Wash., Feb. 7 – Geomega Resources Inc. and wholly owned subsidiary Innord Inc. secured $1.72 million of project debt financing to build a rare earth magnet recycling demonstration plant in Saint-Bruno-de-Montarville, Quebec, according to a press release.

The project financing will be provided by Investissement Quebec.

The project is evaluated at C$3.2 million, including capital costs and working capital.

The debt financing is repayable over 72 months starting from 24 months following the first withdrawal of the funds.

The proposed use of funds will be towards the purchase of equipment, engineering and construction of the demonstration plant.

The non-dilutive debt financing has no warrants or finder’s fees attached.

The Montreal-based company mines for rare earth elements, niobium and tantalum.

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