EarthLabs Announces Completion of Change of Business to Technology/Investment Issuer
Toronto, Ontario--(Newsfile Corp. - February 16, 2023) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) ("EarthLabs" or the "Company") is pleased to announce that it has completed its previously announced change of business from a Tier 1 Technology Issuer to a Tier 1 Technology/Investment Issuer (the "COB") within the meaning of such terms in the policies of the TSX Venture Exchange (the "Exchange" or "TSXV").
Following the sale by the Company on December 1, 2022 of all of its right, title and interest in its Exploration Technology Division (which included its shareholdings of Geotic Inc. and Ridgeline Exploration Services Inc., and its geological exploration consulting division), the principal operations of the Company currently consist of three business lines:
(i) CEO.CA, a leading online community for investors and traders in junior resource and venture stocks;
(ii) DigiGeoData Inc., a digital mapping SaaS (software-as-a-service) interface and mineral resource intelligence database company; and
(iii) Resource Quantamental ("RQ"), the experimental arm of Earthlabs, creating a decision engine for investments.
The business offerings of the Company have historically been attractive to junior exploration companies which often sought the Company's technical expertise but lacked sufficient capital to fund such services outright. Accordingly, the Company developed an investment division which made strategic investments in these junior companies to acquire royalties and equity, while the junior issuers benefitted from dedicated access to the Company's geology and data science expertise. On a going forward basis, the Company may, from time to time, acquire additional securities of other issuers, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current investment positions. Accordingly, the Corporation has effected the COB under TSXV Policy 5.2 - Changes of Business and Reverse Takeovers, from a Tier 1 Technology Issuer to a Tier 1 Technology/Investment Issuer.
Requisite shareholder approval for the COB was obtained at a special shareholder meeting of the Company held on February 13, 2023. For further details, please refer to the press release of the Company dated December 12, 2022, available on SEDAR at www.sedar.com.
For further information please contact:
Executive Chairman and President
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. Cautionary Statement on Forward‐Looking Information
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements and include, without limitation, statements about the Proposed COB. Often, but not always, these forward looking statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; the Company or any investee company not having the financial ability to meet its exploration, development and/or investment goals; risks associated with investments in companies conducting such activities, the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company's filings with securities regulators and available under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Company will identify and acquire suitable investments for the Company; that the Company's investment goals and planned development activities will be achieved; that there will be no material adverse change affecting the Company or its interests; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155056