Geodrill (GEO.TO), a West African based drilling company, announced Thursday that the Toronto Stock Exchange has accepted its notice of intention to renew its normal course issuer bid to purchase outstanding ordinary shares of the company on the open market in accordance with the rules of the TSX.
Management and the board of directors of Geodrill believes that the underlying value of the company may not be reflected in the market price of the ordinary shares from time to time, a statement said. "Accordingly, the purchase of ordinary shares will increase the proportionate interest in the company of, and be advantageous to, all remaining shareholders of the company," it added.
Any such purchases will occur from time to time and in aggregate will be up to 2,375,656 ordinary shares (being approximately 5% of the issued and outstanding ordinary shares of the company) over a 12-month period commencing on June 7, 2026 and terminating on June 6, 2027.
Shares in GEO edged down $0.01 to $2.96 on the TSX yesterday.