GoldSpot Reports Three and Six Months Ended June 30, 2019 Financial Results
Toronto, Ontario--(Newsfile Corp. - August 27, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") is pleased to announce the financial results of the Company, as at and for the three and six months ended June 30, 2019 (the "Financial Results").
Highlights for the three-month period ended June 30, 2019:
- Increased consulting revenue by 82% to $399,673 from $219,600;
- Committed $2.4 million in investments and the acquisition of royalties on 4 district scale properties (New Found Gold Corp., One Bullion Ltd., Manitou Gold Inc., and Pacton Gold Inc.); and
- Engaged by Gran Colombia Gold Corp. to use machine learning to identify new drilling targets at its Segovia operations, located in the Segovia-Remedios mining district of Antioquia in Colombia.
Highlights for the six-month period ended June 30, 2019:
- Increased consulting revenue by 53% to $914,473 from $598,800;
- Completed a brokered private placement financing for aggregate gross proceeds of $7.6 million;
- Completed a reverse takeover transaction with Duckworth Capital Corp. and commenced trading on the TSX Venture Exchange under the symbol "SPOT"; and
- Completed the quarter with $8.3 million in working capital.
The following are selected financial results as at and for the three and six months-ended June 30, 2019 with comparatives:
| ||Three months ended |
|Six months ended |
|Consulting income||$ 399,673||$ 219,600||$ 914,473||$ 598,800|
|Net change in unrealized gains on investments||658,000||-||346,250||-|
|Operating, general and administrative||(1,145,027)||(563,190)||(4,156,793)||(1,075,119)|
|Net loss and comprehensive loss for the period||(74,013)||(343,590)||(2,783,458)||(476,319)|
|Loss per common share based on net loss for the period - basic and diluted||(0.00)||(0.00)||(0.03)||(0.01)|
|Statement of financial position highlights||June 30, 2019||December 31, 2018|
|Cash and cash equivalents||$ 6,503,849||$ 1,367,966|
|Investments, at fair value||2,831,250||155,000|
GoldSpot President and Chief Executive Officer Denis Laviolette commented: "Our consultancy revenue is important as it covers a significant portion of our overhead and allows us to dedicate budgets to R&D and hiring quality personnel. Our technical team is growing in size and expertise, and our technology only becomes more advanced with every contract and investment we are involved with.
In addition, we are very excited by the evolution of our mandate to now include the deployment of capital into junior explorers and the acquisition of royalties. We have already proven to be a valuable source of capital for explorers who want to drill even in these depressed markets.
GoldSpot Discoveries allows investors to benefit from our equity and royalty resource holdings: which are uniquely driven by AI. We are not only disrupting how mineral exploration is performed, but how investors can participate in discovery."
In addition, GoldSpot announces the appointment of Adam Allouba as corporate secretary. Mr. Allouba is a partner in the Corporate group of Dentons Canada, the world's largest law firm. Mr. Allouba's practice focuses primarily on mining and technology issuers listed on the TSX Venture Exchange (the "TSXV"). He is a member of the TSXV's Quebec advisory committee, the securities committee of the Prospectors & Developers Association of Canada (PDAC) and the AI advisory board of Dawson College in Montreal.
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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