Geodrill Announces Initiation of Semi-Annual Cash Dividend

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[{"type":"text","content":"\n \n \n \n Geodrill Announces Initiation of Semi-Annual Cash Dividend\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 TORONTO\n \n ,\n \n March 5, 2021\n \n /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\n \n CAD$0.01\n \n per share.  The first dividend is payable on\n \n April 9, 2021\n \n to the shareholders of record at the close of business on\n \n March 26\n \n , 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.\n \n \n The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.\n \n \n \"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\n \n Dave Harper\n \n , 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.\"\n \n \n \n About Geodrill Limited\n \n \n Geodrill has been successful in establishing a leading market position in\n \n Ghana\n \n ,\n \n Burkina Faso\n \n and\n \n Cote d'Ivoire\n \n . The Company also operates in other African jurisdictions including\n \n Mali\n \n and\n \n Zambia\n \n and is expanding its geographic presence in South America.  With the largest fleet of multi-purpose rigs in\n \n West Africa\n \n , Geodrill provides a broad selection of diverse drilling services, including exploration, delineation, underground and grade control drilling, to meet the...

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