TORONTO, March 5, 2021 /CNW/ - Geodrill Limited
("Geodrill" or the "Company") (TSX: GEO), a leading West African
based drilling company, is pleased to announce today that the Board
of Directors have declared a semi-annual dividend of CAD$0.01 per share. The first dividend is
payable on April 9, 2021 to the
shareholders of record at the close of business on March 26, 2021. This dividend does not
qualify as an 'eligible dividend' for Canadian income tax purposes
as the Company is incorporated in the Isle of Man.
The declaration, timing, amount and payment of future dividends
remain at the discretion of the Board of Directors.
"Our decision to initiate a dividend demonstrates our long-held
commitment to recognize and reward our long-term shareholders. Our
ability to return capital over time is made possible by the
consistent delivery of our operating and financial model which
drives sustainable, profitable revenue growth," said Dave Harper, President and CEO of Geodrill.
"Since 2010, Geodrill's durable and cash generating business has
allowed us to reinvest in our business and prudently manage our
debt levels. As we move into 2021, the initiation of a
dividend is a logical progression and adds another element to our
capital allocation strategy."
About Geodrill Limited
Geodrill has been successful
in establishing a leading market position in Ghana, Burkina
Faso and Cote d'Ivoire. The
Company also operates in other African jurisdictions including
Mali and Zambia and is expanding its geographic
presence in South America. With the largest fleet of
multi-purpose rigs in West Africa,
Geodrill provides a broad selection of diverse drilling services,
including exploration, delineation, underground and grade control
drilling, to meet the specific needs of its clients. The Company's
client mix is made up of senior mining, intermediate and junior
exploration companies. www.geodrill-gh.com
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
quarter ended September 30, 2020 and
the Company's Annual Information Form dated March 30, 2020 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