The acquisitions will be immediately accretive and will strengthen the customer offering with a complete suite of cutting-edge SaaS tools.
Through CEO.CA, SPOT will better serve its community of mineral explorers and diversify into other promising technology companies, thereby increasing the ARR of the Company.
The combination of GeoticLog and LithoLens will create an industry first cloud based logging and AI imaging solution.
Toronto, Ontario – (Newsfile Corp. – October 4, 2021) – GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) (“GoldSpot” or the “Company”), a leading technology services company leveraging machine learning to transform the mineral discovery process, is pleased to announce that ” it completed its previously announced acquisitions of social network investment PDG.CA and geoscience software company Geotics Inc. (“Geotics”). These acquisitions were previously announced on August 16, 2021.
CEO.CA owns and operates a leading and rapidly growing social investment network, used by more than 8 million business executives, institutional and retail investors with deep roots in the mining industry, among other industries. . CEO.CA is one of the most popular free financial websites and apps in Canada and for investors around the world – with industry-leading audience engagement and mobile functionality.
Geotic operates a portfolio of five state-of-the-art tools (GeoticMine, GeoticLog, GeoticGraph, GeoticCAD and GeoticField) as well as a modular basic camera hardware system. From drilling data collection to 3D modeling, Geotic offers an integrated software solution to hundreds of junior mineral explorers and senior producers worldwide with cost-effective data analysis and an unmatched focus on quality and ease of use. use over traditional manual data collection methods.
“The closing of these two acquisitions reaffirms our commitment to acquire licensed software products and generate robust and recurring revenue streams”, said Denis Laviolette, Executive Chairman and President of GoldSpot. “CEO.CA and Geotic are transforming GoldSpot as we develop our proven technology and deliver the Industry Standard Toolkit for Mining 2.0. Together, we are working to define the future of mineral exploration software that will enable explorers of all types of minerals and deposits. to generate the success of their projects and their shareholders.
Acquisitions of CEO.CA and Geotic strengthen the company’s technology offering while adding additional bench strength to GoldSpot’s in-depth experience in geology, artificial intelligence, machine learning, user experience, data visualization and cloud technology . The acquisitions create a diverse platform opportunity to bring the Company’s artificial intelligence and proven service technologies to a much broader global customer base.
Pursuant to the Purchase Agreement, the sellers of CEO.CA received a total of 10,280,373 common shares of the Company (the “Common Shares”) at a deemed price of $ 1.07 per Common Share, which represents approximately $ 11,000,000 with the majority of common shares. placed in voluntary lock-up to be released under a three-year lock-in schedule, together with an aggregate cash payment of $ 5,205,000 (calculated based on an initially agreed cash purchase price of $ 6,000 $ 000 less approximately $ 795,000 of liabilities assumed by the Company in connection with the acquisition).
Pursuant to the purchase agreement, the sellers of Geotic received $ 1,000,000 in cash and 1,442,308 common shares at a deemed price of $ 1.04 per common share, for a total consideration of approximately $ 2,500,000. According to the agreement, the common shares have been placed in voluntary lock-up and will be released on a nine-month lock-up schedule.
All ordinary shares issued by the Company in connection with the acquisitions of CEO.CA and Geotic are subject to a statutory holding period expiring on February 2, 2022.
About GoldSpot Discoveries Corp.
GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) is a technology company using artificial intelligence to revolutionize the future of global mineral exploration with a comprehensive suite of data and knowledge-driven SaaS tools and services. GoldSpot works with industry leaders in all types of raw materials and deposits to identify new exploration targets, develop cutting-edge technologies and strategically invest in mineral exploration companies. Our cutting-edge team of expert scientists merge geoscience and data science to deliver tailor-made solutions that save time, reduce costs, and produce results much more accurate than ever before.
For more information, please contact:
Executive Chairman and President
GoldSpot Discoveries Corp.
Phone. : 647-992-9837
Email: [email protected]
Caution regarding forward-looking information
Neither the TSX Venture Exchange (“TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained in this document. This press release contains forward-looking information that involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. . Forward-looking information contained in this press release includes, without limitation, the Company’s objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from this forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, preliminary nature of metallurgical test results, delays in obtaining or failing to obtain environmental approvals or other projects, uncertainties relating to the availability and costs of necessary financing in the future, changes in stock markets, inflation, fluctuations in the prices of commodities, project development delays and other risks involved in the mining exploration and development industry, and the risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in the preparation of forward-looking information in this press release are reasonable, one should not place undue reliance on such information, which only applies as of the date of this press release. press release, and no assurance can be given as such events will occur within the timeframe disclosed or will not occur at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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