TORONTO, March 19, 2019 /CNW/ - Geodrill Limited
("Geodrill" or the "Company") (TSX:GEO), a leading West African
based drilling company, announces that it has changed its auditors
from Deloitte LLP ("Former Auditor") to PricewaterhouseCoopers LLP
("Successor Auditor") effective March
5th, 2019. At the request of the Company, the
Former Auditor resigned as the auditor of the Company effective
March 5th, 2019 and the
board of directors of the Company appointed the Successor Auditor
as the Company's auditor effective March
5th, 2019, until the next Annual General Meeting
of the Company.
There were no reservations in the Former Auditor's audit reports
for the period commencing at the beginning of Geodrill's two most
recent financial years and ending at the date of the resignation of
the Former Auditor. There are no "reportable events" (as the term
is defined in National Instrument 51-102 – Continuous Disclosure
Obligations ("NI 51-102")) between the Company and the Former
Auditor.
In accordance with NI 51-102, the notice of change of auditor,
together with the required letters from the Former Auditor and the
Successor Auditor, have been reviewed by the board of directors of
the Company and filed on SEDAR.
About Geodrill Limited
Geodrill has been successful
in establishing a leading market position in Ghana, Burkina
Faso and Cote d'Ivoire and
also operates in other African jurisdictions including Mali and Zambia. The Company provides a broad selection
of diverse drilling services, including exploration, delineation,
underground and grade control drilling, to meet the specific needs
of its clients. Geodrill operates a fleet of high performance
multi-purpose rigs, which offer the versatility of being able to
perform both reverse circulation and diamond core drilling.
Geodrill's client mix is made up of majors, intermediates and
juniors that are exploring for gold and other minerals. The
Company's operational proximity to countries such as Mauritania, Liberia, Sierra
Leone, Nigeria and
Cameroon positions the Company
favorably in its ability to service these markets.
Forward Looking Information
This press
release may contain "forward-looking information" which may
include, but is not limited to the future financial or operating
performance of the Company, its subsidiaries, future growth,
results of operations, performance, business prospects and
opportunities. Often, but not always, forward-looking statements
can be identified by the use of words such as "plans", "expects",
"is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "believes", or variations (including
negative variations) of such words and phrases, or by the use of
words or phrases that state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved.
Forward-looking statements are based on certain assumptions
and analyses made by the Company in light of its experience and
perception of historical trends, current conditions and expected
future developments and other factors it believes are appropriate.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company and/or its subsidiaries
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements
contained in this press release including, without limitation those
described in the Management's Discussion & Analysis for the
year ended December 31, 2018 the
Company's Annual Information Form dated March 29, 2018 under the heading "Risk Factors".
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in such forward-looking statements,
there may be other factors that may cause actions, events or
results to differ from those anticipated, estimated or intended.
Should one or more of these risks or uncertainties materialize or
should assumptions underlying such forward-looking statements prove
incorrect, actual results, performance or achievements may vary
materially from those expressed or implied by the forward-looking
statements contained in this press release. The forward-looking
information and forward-looking statements contained herein are
made as of the date of this press release and the Company disclaims
any obligation to update or review such information or statements,
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE Geodrill Limited