GoldSpot Discoveries Corp. (SPOT) has acquired DigiGeoData Inc., a mineral resource mapping and intelligence data provider.
The DigiGeoData team is responsible for pioneering modern mining mapping as the creators of the mineral exploration industry’s global standard regional maps.
The shareholders of DigiGeoData received an aggregate of 2,803,738 common shares of GoldSpot Discoveries at a price of $1.07 per consideration share.
The purchase represents an aggregate value of $3 million with the consideration shares will be placed in a voluntary lock-up.
It will be released in tranches according to a 30-month lock-up schedule, as well as an aggregate cash payment of $1 million.
All common shares issued by GoldSpot Discoveries in connection with the acquisition are subject to a statutory hold period ending on June 2.
DigiGeoData is now developing its premier Atlas Platform, a software-based interactive mapping interface.
Denis Laviolette, Executive Chairman and President of GoldSpot,
” 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.”
Atlas is being developed alongside the company’s Maps distribution business which has more than 300 clients.
The DigiGeoData database is the source of information that feeds DigiGeoMaps and DigiGeoAtlas.
All accessible data is inquired and displayed from DigiGeoData.
Data includes current resources, production, and technical reports searchable by several parameters.
GoldSpot Discoveries Corp. (SPOT) is up 1.33 per cent trading at $0.76 per share as of 3:33 p.m. EST.