TORONTO, June 5, 2024 /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 2,346,070 Ordinary Shares (being approximately 5% of the issued and outstanding Ordinary Shares of the Company) over a 12-month period commencing on June 7, 2024 and terminating on June 6, 2025. The New NCIB Program was approved by the shareholders of the Company on May 13, 2024. As of June 4, 2024, under the previous notice of intention to conduct a normal course issuer bid, pursuant to which Company sought and received approval from the TSX to purchase up to 2,343,820 Ordinary Shares for the period of June 7, 2023 to June 6, 2024, the Company has not repurchased any Ordinary Shares on the open market. As of June 4, 2024, Geodrill had 47,163,170 Ordinary Shares issued and outstanding and 16,001,354 Ordinary Shares in the public float.
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