TORONTO, Sept. 27,
2022 /CNW/ - Geodrill
Limited ("Geodrill" or the "Company") (TSX: GEO) (OTCQX:
GEODF), 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 October 21, 2022 to the shareholders of record at
the close of business on October 7,
2022. This second semi-annual dividend for 2022 will result
in a total of CAD$0.06 being returned
to shareholders in 2022 (total dividends of CAD$0.02 returned to shareholders in 2021).
"The second semi-annual dividend for 2022 reflects the strong
financial performance of Geodrill and our commitment to recognize
and return capital to our long-term shareholders," said
Dave Harper, President and CEO of
Geodrill.
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.
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 June 30, 2022 the
Company's Annual Information Form dated March 28, 2022 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