Now let's see if the "big guys" can exercise their magic and send the share price over 1$.
It is NOTABLE that SPOT management bought 350k$ of their own stock in this round of financing. Eric Sprott also added 3million to his already large position.
Am I the last "small fry" from the 15 ct days still standing?
A very quiet board...
Cheers,
Hen
From the release:
Highlights include:
- Exercise, in full, of the overallotment option of $1.5 million
- Offering includes $3 million lead order from Eric Sprott, $1 million from Palisades Goldcorp and $350,000 from GoldSpot’s Management
Toronto, Ontario–(Newsfile Corp. – June 2, 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 has closed its previously announced bought deal public offering pursuant to which GoldSpot issued 14,375,000 common shares (the “Common Shares”) at a price of $0.80 per Common Share, for aggregate gross proceeds of $11.5 million (the “Offering”), which included the full exercise of the over-allotment option.
The Offering was led by Canaccord Genuity Corp., as lead underwriter and sole bookrunner (the “Underwriter”). In connection with the Offering, the Company paid a cash commission to the Underwriter in the amount of $660,000, together with an aggregate of 825,000 broker warrants (the “Broker Warrants”). Each Broker Warrant entitles the Underwriter to purchase one Common Share at an exercise price of $0.80 for a period of 24 months from the closing of the Offering.
The Common Shares were offered by way of a short form prospectus of the Company dated May 28, 2021 (the “Prospectus”) in each of the provinces of Canada except Qubec.
The Company plans to use the net proceeds from the Offering for research and development, investment capital and general corporate expenses, as set out in the final Prospectus.
“This financing not only strengthens our cash position but demonstrates strong investor confidence in our innovative business model, our momentum and our growth prospects. Eric Sprott and Palisades Goldcorp were early investors and their lead orders in this financing are a testament to their support,” said Denis Laviolette, Executive Chairman and President of GoldSpot. “We are well positioned to capitalize on our global client pipeline while demonstrating our ability to successful execute on our acquisition strategy.”