Geo Exploration repays CEO loan early

Geo Exploration said Thursday that it has fully repaid a $0.27m interest-free loan from chief executive Omar Ahmad ahead of schedule, leaving the company debt free as it advances drilling at its Juno project.

Source: Sharecast

The AIM-traded explorer said the loan, which was due to mature at the end of September, was provided in July 2024 during a critical period to support its operational plans.

Its board said it opted to repay it early as part of its broader strategy to strengthen the balance sheet, noting that Ahmad had been willing to extend the facility if needed.

“The company sincerely appreciates the support provided by Ahmad during a pivotal time in July 2024, which enabled Geo to move forward with stability,” said chief financial officer Hamza Choudhry.

“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.”

At 1556 BST, shares in Geo Exploration were up 9.52% at 0.4p.

Reporting by Josh White for Sharecast.com.

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