Geomega Resources Inc. (OTC: GOMRF) is involved in the development of clean technologies meant for the recycling, mining, and refining of rare earth, as well as other critical materials. On January 26, the company hit the newswires after it announced that it had made a grant of incentive equity compensation and also extended its warrants.
Geomega Resources revealed that it had granted 845,000 stock options to its employees, in addition to 1,302,000 restricted share units to its officers and 971,000 deferred share units to members of the board of directors. The grant was in alignment with the provisions of the Omnibus Equity Compensation Plan. The company noted that the aim of the plan was the creation of an incentive compensation initiative that was in line with the long-term plans of Geomega Resources. The company also announced that it had proposed the extension of 704,028 common share purchase warrants by two years. The warrants are set to expire on February 8, 2024.
It was a significant new announcement from the company, and it would be interesting to see if it has any bearing on Geomega Resources stock this week. The issuance of the grants had been suggested by the Corporate Governance, Compensation, and Nomination Committee after the Omnibus Plan had been approved at the annual meeting of shareholders held in October last year.
Additionally, the committee also looked into the achievements that had been accomplished in the past two fiscal years. It ought to be noted that in that period, Geomega Resources had not issued any options or provided any form of incentive compensation. The company’s filing for the extension of the warrants by two years was subject to approval by the TSX Venture Exchange. The warrants in question had been issued as part of a private placement.