- Acquisition bolsters client offering with a powerful digital mapping interface backed by a full suite of seamless claim data, assets, 43-101 reports, geological layers, alongside a map marketing and distribution business with over 300 mineral exploration clients
- Addition of DigiGeoData enhances digital transparency at regional scale with plans to incorporate Atlas with GoldSpot's diversified portfolio assets including CEO.CA
Toronto, Ontario--(Newsfile Corp. - February 1, 2022) - GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) ("GoldSpot" or the "Company") a leading technology company leveraging artificial intelligence and data science to transform the mineral discovery process, is pleased to announce that it has closed its acquisition of DigiGeoData Inc. ("DigiGeoData"), a powerful digital mapping SaaS interface and mineral resource intelligence database company. The acquisition was previously announced on December 16, 2021.
Founded in 2018, the DigiGeoData team is responsible for pioneering modern mining cartography as the creators of the mineral exploration industry's global standard regional maps. Today, DigiGeoData is developing its premier 'Atlas' Platform, a software-based GIS interactive mapping interface alongside its 'Maps' distribution business used by over 300 clients.
"We are thrilled to welcome Glen and the DigiGeoData team as part of the GoldSpot family," said Denis Laviolette, Executive Chairman and President of GoldSpot. "With the Acquisition closed, we will be working with DigiGeoData to accelerate their initial offering with innovative and interactive mapping interfaces, providing never before seen layers of claims and technical data that will integrate within our asset portfolio. As mentioned previously, we strongly believe the Atlas platform will become an industry staple alongside the addition of new visual data layers to CEO.CA. From senior producers to junior retail, the newly built platform will take decision making within the exploration space to a whole new level."
DigiGeoData's full suite of software and services include:
- DigiGeoAtlas - A SaaS based online GIS interactive mapping interface that spatially links and displays data from DigiGeoMaps and DigiGeoData. Atlas is offered as a free and paid subscription service with a full suite of seamless claim data, 43-101 reports, property and assets, geological layers, and additional features.
- DigiGeoMaps - The industry standard, DigiGeoData's maps provide an overview both on a global/country scale or a more focused regional basis that has significant exploration and mining activity. Over 300 mineral exploration companies have sponsored DigiGeoData maps so far through physical and electronic distribution.
- DigiGeoData - The database is the source of information that feeds DigiGeoMaps and DigiGeoAtlas. All accessible data is queried and displayed from the database. Data includes current resources, production, and technical reports searchable by several parameters.
Under the terms of the purchase agreement, the shareholders of DigiGeoData received an aggregate of 2,803,738 common shares of the Company ("Consideration Shares") at a deemed price of $1.07 per Consideration Share, representing an aggregate value of $3,000,000 with the Consideration Shares to be placed in a voluntary lock-up and released in tranches pursuant to a 30-month lock-up schedule, as well as an aggregate cash payment of $1,000,000.
All Common Shares issued by the Company in connection with the acquisition are subject to a statutory hold period expiring on June 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 full suite of data and knowledge-driven SaaS tools and services. GoldSpot works with industry leaders across all commodity and deposit types to identify new exploration targets, develop cutting-edge technologies and to strategically invest in mineral exploration companies. Our leading team of expert scientists merge geoscience and data science to deliver bespoke solutions that save time, reduce costs and produce far more accurate results than ever before possible.
For further information please contact:
Executive Chairman and President
GoldSpot Discoveries Corp.
Cautionary Statement on 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 the information contained herein. This news release contains forward-looking information which 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 in this news release includes, but is not limited to, the proposed acquisition of DigiGeoData, the receipt of all applicable regulatory approvals in connection therewith, the prospective nature of the business of DigiGeoData, 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 such forward-looking information include, but are not limited to, the failure to receive all regulatory approvals or satisfy all closing conditions in connection with the proposed acquisition of DigiGeoData, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or 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, other than as required by law.
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