Repayment of Interest-Free Loan to CEO and Strengthened Balance Sheet
Geo Exploration Limited (AIM: GEO) is pleased to announce that it has fully repaid in cash the interest-free loan of US$270,000 previously provided by its Chief Executive Officer, Mr Omar Ahmad.
With expiry date 30 September 2025 and despite Mr Ahmad having indicated his willingness to extend the loan if the Board so wished, the Board, as part of its broader strategy, decided to repay the loan ahead of its due date. This repayment strengthens the Company’s balance sheet and leaves GEO debt free as it enters an important phase with drilling underway at its flagship Juno Project.
The loan was originally provided in July 2024, during a critical period for the Company, to provide stability and enable GEO to progress its operational plans. The Board expresses its gratitude to Mr Ahmad for his support at that time and for his continued leadership as the Company undertakes its maiden drill programme at Juno.
Hamza Choudhry, Chief Financial Officer of Geo Exploration Limited, commented:
“The Company sincerely appreciates the support provided by Mr Ahmad during a pivotal time in July 2024, which enabled GEO to move forward with stability. Since his appointment, the Company has experienced a significant uplift in sentiment and valuation, driven by his shareholder-focused approach and commitment to putting the Company first. We are equally appreciative of his ongoing leadership as he guides GEO through this important phase, with maiden drilling at the Juno Project progressing to plan.”
The information contained within this announcement is deemed by the Company to constitute inside information under the UK Market Abuse Regulations (“MAR”). Upon the publication of this announcement via a Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.
For further information please visit: www.geoexplorationlimited.com or contact:
GEO Exploration Limited
Hamza Choudhry, CFO and Executive Director
