Also announces change to board of
directors
TORONTO, March 4, 2022 /CNW/ - Geodrill
Limited ("Geodrill" or the "Company") (TSX: GEO), a
leading West African based drilling company, today announced that
the Board of Directors has declared a semi-annual dividend. The
semi-annual dividend, in the amount of CAD$0.03 per share, is payable on April 8, 2022 to the shareholders of record at
the close of business on March 18,
2022. The current semi-annual dividend has been
increased from CAD$0.01 to
CAD$0.03 reflecting the financial
performance of Geodrill and our commitment to recognize and return
capital to our long-term shareholders. 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.
The Board of Directors also announces that Mr. Johnny Ciampi, who has served as a director
since 2019, advised the Company of his intention to retire from
Geodrill's Board of Directors (the "Board") after 3 years of
service, and accordingly is stepping down from the Board effective
as of today's date.
"Working alongside Mr. Ciampi has been a privilege. His capital
markets expertise and engagement in Geodrill has been valuable and
we thank him for his contributions in the growth of our company,"
commented Mr. David Harper,
President and CEO of Geodrill.
In conjunction, Geodrill has announced the appointment of Mr.
Peter Prattas to the Board of
Directors. As a Portfolio Manager at Waypoint Investment Partners,
Mr. Prattas brings more than 20 years of capital markets
experience. Formerly a Portfolio Manager at IA Financial Group, he
managed up to $750 million in assets
under management in North American equities across all market caps.
As a former Equity Analyst at various Canadian brokerage firms, Mr.
Prattas specialized in the area of Diversified Industries, which
included mining services among other sectors.
"With deep expertise in finance and the capital markets, Mr.
Prattas has an intrinsic understanding of the value Geodrill
delivers. We look forward to working with Mr. Prattas and his
contributions to the success of Geodrill," said Mr. John Bingham, Chairman of the Board.
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 Egypt and is expanding its geographic presence
in South America. With the largest fleet of multi-purpose
rigs, 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 30,2021 the
Company's Annual Information Form dated March 29, 2021 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