GoldSpot Discoveries Corp. Reports Annual 2018 Financial Results and Increase in Revenue by 175%
Toronto, Ontario--(Newsfile Corp. - April 29, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") is pleased to announce the financial results of GoldSpot Holdings Inc., the wholly-owned subsidiary of the Company, as at and for the year ended December 31, 2018 (the "Financial Results").
Highlights for the year ended December 31, 2018:
- Increased revenue by 175% to $1.2 million from $452,508;
- Entered into three additional Service Contracts with mining and exploration companies in 2018, for a total of six Service Contracts;
- Completed a non-brokered private placement financing for aggregate gross proceeds of $1.56 million; and
- Completed the financial year with $1.7 million in working capital.
The following are selected Financial Results:
|Consulting income||$ 1,242,544||$ 452,508|
|Operating, general and administrative||(2,611,749)||(946,237)|
|Net loss and comprehensive loss for the year||(1,290,805)||(493,729)|
|Loss per common share based on net loss for the year - basic and diluted||(0.79)||(0.43)|
|As at December 31||2018||2017|
| || || |
|Cash and cash equivalents||$ 1,367,966||$ 1,428,323|
Denis Laviolette, President and Chief Executive Officer, commented: "2018 was a pivotal year for GoldSpot. We significantly increased our staff from 10 to 23 persons, allowing us to provide our services to more clients and to expand upon the research and development of our Resource Quantamental platform. Despite the increase in operational costs, 2018 was a record year for us in terms of revenue and innovation."
In February 2019, GoldSpot Holdings Inc., completed a brokered private placement financing, raising gross proceeds of $7.56 million and subsequently completed an RTO and commenced trading on the TSX Venture Exchange. As a result of the completion of these transactions, the share capital of the Company increased significantly, which will be reflected in the Company's interim financial statements for the first quarter of 2019, however, GoldSpot now has the bandwidth to further increase consulting revenue, and more importantly, provide our services to the exploration companies in which the Company has a vested interest.
To date, the Company has invested in two mineral exploration companies and will continue to do so with a view to assemble a sizeable portfolio of equities and royalties. The Company's junior mining investment strategy has attracted prolific mining and technology investor, Frank Holmes, to join GoldSpot as an independent director and Chairman, and Triple Flag Mining Finance which invested $2.9 million in the Company's most recent private placement financing, representing approximately 8% of the Company's issued and outstanding share capital.
About GoldSpot Discoveries Corp.
GoldSpot is a technology company that leverages machine learning to reduce capital risk, while working to increase efficiencies and success rates in resource exploration and investment. GoldSpot combines proprietary technology with traditional domain expertise, offering a front-to-back service solution to its partners. GoldSpot's solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential. GoldSpot has developed a monetization strategy into multiple verticals of the mining and investment industry, including service offerings, staking and royalty acquisition, and the development of its own artificial-intelligence driven trading platform.
For further information please contact:
Denis Laviolette, President, CEO and Director
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 is not comprised of historical facts. Forward-looking information 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, uncertainty over the outcome of any litigious matters, 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, 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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