INCREASE OF SEMI-ANNUAL DIVIDEND TO CAD$0.03 Also announces change to board of directors
TORONTO, March 4, 2022 /CNW/ - Geodrill Limited ("Geodrill" or the "Company") (TSX: GEO), a leading West African based drilling company, today announced that the Board of Directors has declared a semi-annual dividend. The semi-annual dividend, in the amount of CAD$0.03 per share, is payable on April 8, 2022 to the shareholders of record at the close of business on March 18, 2022. The current semi-annual dividend has been increased from CAD$0.01 to CAD$0.03 reflecting the financial performance of Geodrill and our commitment to recognize and return capital to our long-term shareholders. This dividend does not qualify as an "eligible dividend" for Canadian income tax purposes as the Company is incorporated in the Isle of Man. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.