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Geodrill Announces Renewal of Normal Course Issuer Bid
Geodrill Announces Renewal of Normal Course Issuer Bid Canada NewsWire ...
About this update from Geodrill Limited
[{"type":"text","content":"\n \n \n \n Geodrill Announces Renewal of Normal Course Issuer Bid\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 June 3, 2021\n \n /CNW/ - Geodrill Limited (\"Geodrill\" or the \"Company\") (TSX: GEO), a leading West African based drilling company, announced today that the Toronto Stock Exchange (\"TSX\") has accepted its notice of intention to renew its normal course issuer bid (the \"New NCIB Program\") to purchase outstanding ordinary shares of the Company (the \"Ordinary Shares\") on the open market in accordance with the rules of the TSX. Any such purchases will occur from time to time and in aggregate will be up to 2,250,820 Ordinary Shares (being approximately 5% of the issued and outstanding Ordinary Shares of the Company) over a 12-month period commencing on\n \n June 7, 2021\n \n and terminating on\n \n June 6, 2022\n \n (the \"New NCIB Program\"). The New NCIB Program was approved by the shareholders of the Company on\n \n May 12, 2021\n \n . Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which Company sought and received approval from the TSX to purchase up to 2,223,665 Ordinary Shares for the period of\n \n June 7, 2020\n \n to\n \n June 6, 2021\n \n (the \"Current NCIB Program\"), the Company has repurchased, as of\n \n June 2, 2021\n \n , a total of 372,200 Ordinary Shares on the open market at an average purchase price of\n \n $1.88\n \n per Ordinary Share.  As of\n \n June 2, 2021\n \n , Geodrill had 45,046,400 Ordinary Shares issued and outstanding and 15,130,974 Ordinary Shares in the public float.\n \n \n Any repurchases under the New NCIB Program will be made in\n \n Canada\n \n through the facilities of the TSX or alternative Canadian trading systems or by such other means permitted by the TSX. Geodrill will pay the prevailing market price at the time of purchase (with a maximum purchase price of not more than 105% above the 5 day VWAP) or such other price as may be permitted by the TSX. The actual ...