$750,000 Bridge loan by SIDEX
For immediate distribution
Montreal, May 10, 2013 – Geomega Resources Inc. (“GéoMégA” or the “Corporation”) (TSX.V: GMA) announces the grant of a $750,000 loan by SIDEX, Limited Partnership (“SIDEX”).
The loan is secured by GéoMégA’s tax credits receivable from Revenu Québec for the fiscal year ended in 2012 and related to mineral exploration. The loan must be repaid upon the receipt of said tax credits and bears interest at an annual rate of 8%.
In connection with the loan, GéoMégA issued 250,000 common shares to SIDEX. According to applicable securities legislation, each common share will be subject to the required hold period of four months plus on day from the closing date.
GéoMégA currently has 34,990,113 common shares issued and outstanding.
About GéoMégA (ressourcesgeomega.ca)
GéoMégA, which owns 100% of the Montviel Rare Earths/Niobium project, is a Québec mineral exploration and development company focused on the discovery and sustainable development of economic deposits of minor metals, such as Rare Earth Elements, Niobium and Graphite, in Québec. GéoMégA is committed to meeting Canadian mining industry standards and distinguishing itself with its expertise, know-how and its support and respect for local communities and the environment.
GéoMégA currently has 34,740,113 common shares issued and outstanding.
About SIDEX Limited Partnership
SIDEX was established by the Government of Québec and the Solidarity Fund QFL. The mission of SIDEX is to invest in companies engaged in mineral exploration in Québec in order to diversify Québec’s mineral base, encourage new exploration models, stimulate investment for new commodities in existing districts and open new territories with high potential for discovery.
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.
For further information please contact:
President and CEO
Cautions Regarding Forward-Looking Statements
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 Company and involve a number of risks and uncertainties. As a consequence, actual results may differ materially from results forecast 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 Company’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 Company expressly disclaims any obligation to update any forward- looking statements, except as required by applicable securities laws.