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GeoMega Resources, Innord sign technology license agreement

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GeoMega Resources, Innord sign technology license agreement

said April 6 thatit has signed a technology license agreement with Innord Inc., allowing the formerto build and operate processing and separation facilities using the licensed technology.

Under the agreement,GeoMega will pay Innord a 0.5% net value royalty for all sales of products producedusing the technology. In case the processing and separation facility are locatedin the James Bay Territory, the NVR will be of 0.25%.

GeoMega also hasthe right to repurchase half of the royalty for a fixed fee of C$250,000.

The company canalso repurchase the balance of the royalty by paying an additional fee to be negotiatedand agreed upon by both parties. The royalty can only be repurchased once GeoMegahas reached commercial production, and only if Innord's main revenue no longer comesfrom the royalty.

The parties willcontinue to work jointly on developing the technology, scaling up, implementingpilot plants and attaining industrial application.