GoldSpot Discoveries to acquire DigiGeoData for $3M

GoldSpot Discoveries to acquire DigiGeoData for $3M
Share this article


TORONTO –  GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) a leading technology company leveraging artificial intelligence and data science to transform the mineral discovery process, announced that on December 15, 2021, it entered into a definitive agreement to acquire DigiGeoData Inc., a powerful digital mapping SaaS interface and mineral resource intelligence database company. DigiGeoData is an arm’s length party to the Company.

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.

“The acquisition of DigiGeoData is integral to our overall strategy of bringing prospectors, explorers, as well as institutional and retail investors enhanced transparency and decision making in the discovery process,” said Denis Laviolette, Executive Chairman and President of GoldSpot. “Glen and the DigiGeoData team are responsible for revolutionizing the mapping industry. Now, DigiGeoData alongside GoldSpot, will expand 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. We 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.”

“As someone who has spent most of his career providing data and spatial solutions I watched in amazement as GoldSpot announced its recent acquisitions, especially CEO.CA,” said Glen Jones, President & CEO of DigiGeoData. “The vision of Denis and his team to bring together a new group of companies and create a suite of products that combines the strengths of each, confirms the innovation and foresight that has made GoldSpot so successful to date. DigiGeoData is excited to be part of this group and we look forward to collaborating and building this unique opportunity.”

The consideration on closing consists of the issuance of 2,803,738 common shares of the Company 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. There are no finder’s fees associated with the acquisition and the Company is not assuming any material debt from DigiGeoData. The acquisition is expected to close before January 31, 2022 and remains subject to the approval of the TSX Venture Exchange.

The acquisition is subject to customary closing conditions and regulatory approvals. Upon closing, DigiGeoData will operate as a stand-alone subsidiary under GoldSpot.

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 scientist’s merge geoscience and data science to deliver bespoke solutions that save time, reduce costs and produce far more accurate results than ever before possible.

Related posts

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.