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GEODRILL ANNOUNCES ACQUISITION OF SHARES OF PUBLICLY LISTED COMPANY IN EXCHANGE FOR AMOUNTS DUE TO GEODRILL
GEODRILL ANNOUNCES ACQUISITION OF SHARES OF PUBLICLY LISTED COMPANY IN EXCHANGE FOR AMOUNTS DUE T...
About this update from Geodrill Limited
[{"type":"text","content":"\n\n\n\n GEODRILL ANNOUNCES ACQUISITION OF SHARES OF PUBLICLY LISTED COMPANY IN EXCHANGE FOR AMOUNTS DUE TO GEODRILL\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n Nov. 20, 2024\n \n\n /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\n \n USD$7.7M\n \n (the \"Share Acquisition\"). The Share Acquisition will result in a reversal of the expected lifetime credit losses of approximately\n \n USD$2.7M\n \n . 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\n \n December 31, 2024\n \n .\n \n\n\n About Geodrill Limited\n \n\n\n Geodrill has been successful in establishing a leading market position in\n \n Ghana\n \n and\n \n Cote d'Ivoire\n \n . The Company also operates in other African jurisdictions including\n \n Egypt\n \n and\n \n Senegal\n \n and is expanding its geographic presence in the\n \n South America\n \n countries of\n \n Chile\n \n 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.\n \n www.geodrill.ltd\n \n\n\n\n\n Forward Looking Information\n \n\n\n\n\n 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\", ...