TORONTO, Nov. 20,
2024 /CNW/ - Geodrill Limited ("Geodrill" or the
"Company") (TSX: GEO), has entered into an agreement whereby
Geodrill has accepted publicly listed shares of one of its clients
(the "Shares") in exchange for outstanding receivables due to
Geodrill of approximately USD$7.7M
(the "Share Acquisition"). The Share Acquisition will result in a
reversal of the expected lifetime credit losses of approximately
USD$2.7M. The publicly listed shares
are subject to a four-month hold and will be included in financial
assets at fair value through profit and loss as at December 31, 2024.
About Geodrill Limited
Geodrill has been successful in establishing a leading market
position in Ghana and Cote d'Ivoire. The Company also operates in
other African jurisdictions including Egypt and Senegal and is expanding its geographic
presence in the South America
countries of Chile and Peru.
With the large 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.ltd
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, 2024 and
the Company's Annual Information Form dated March 30, 2024 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
