Business
Geodrill obtains US$5 million credit line facility
TORONTO , Oct. 9, 2013 /CNW/ - Geodrill Limited (" Geodrill " or the " Company ") (TSX: GE...
About this update from Geodrill Limited
[{"type":"text","content":"\n\n\nTORONTO, Oct. 9, 2013 /CNW/ - Geodrill Limited (\"Geodrill\" or the \"Company\") (TSX: GEO), a leading West African based drilling company, announced\n today that the Company (through its Ghanaian subsidiary) has obtained a\n credit line (the \"Credit Line\") with Zenith Bank (Ghana) Limited, a subsidiary of Zenith Bank Plc, for\n an amount of up to US$5 million.  The Credit Line allows Geodrill to\n access up to US$5 million for a period of two years from the date of\n the first drawdown. Amounts drawn under the Credit Line will bear\n interest at a rate of 10.5% per annum and will be secured by the\n existing Asset Debenture for the existing term loan with Zenith Bank\n (Ghana) Limited. Interest on any funds withdrawn will be repayable on a\n quarterly basis with the principal amount withdrawn being repayable at\n the maturity of the Credit Line.\n\n\nThe Company may use the proceeds available under the Credit Line to\n finance general corporate expenditures including working capital needs,\n to pay quarterly loan repayments, and to assist with capital\n expenditures of the Company.\n\n\nThe Company has not utilized any portion of the Credit Line.\n\n\nAbout Geodrill Limited \nGeodrill Limited is a leading West African based drilling company\n operating in Ghana, Burkina Faso, Ivory Coast, Niger and Guinea. \n Geodrill provides exploration and development drilling services to\n major, intermediate and junior mining companies with exploration and\n development operations in West Africa. The Company specializes in\n providing reverse circulation, diamond core and air-core drilling\n services using a modern fleet of drill rigs. The Company plans to grow\n organically and build its current client base while continuing to\n assess expansion opportunities throughout West Africa and other\n jurisdictions of Africa, to meet demand for its services and expertise.\n\n\nForward Looking Information \nThis press release may contain \"forward-looking information\" which may\n include, but is not limited to, statements with respect to use of\n proceeds, the availability of the funds when required, the future\n financial or operating performance of the Company, its subsidiaries,\n future growth, results of operations, performance, business prospects\n and opportunities. Often, but not always, forward-looking statements\n can b...