- GoldSpot Discoveries (SPOT) has entered into a definitive agreement to acquire Geotic
- Geotic is an award-winning provider of mining industry software to hundreds of global junior mineral explorers and senior producers
- GoldSpot will be integrating Geotic’s core imaging technology to create a core logging and artificial intelligence-based imaging platform
- Geotic will receive C$1,000,000 in cash and 1,442,308 common shares of GoldSpot representing an aggregate deemed purchase price of $2,500,000
- GoldSpot is a technology services company in mineral exploration
- GoldSpot Discoveries Corp. (SPOT) is up 11.54 per cent, trading at $1.16 per share at 1:30 pm ET
GoldSpot Discoveries (SPOT) has entered into a definitive agreement to acquire Geotic, a Quebec-based provider of mining industry software.
Geotic operates a portfolio of five cutting-edge tools, as well as a modular core camera hardware system. From drilling data collection to 3D modelling, Geotic offers an integrated software solution to hundreds of global junior mineral explorers and senior producers.
Denis Laviolette, Executive Chairman and President of GoldSpot commented on the acquisition.
“This acquisition solidifies our commitment to acquire licensable software products and build robust and recurring revenue streams. Geotic has generated incredible momentum over the last few years and we are thrilled to add their portfolio to the GoldSpot family. The acquisition will significantly add to our ARR and annual revenue as we scale these products to our growing client base and the global mining community.”
Geotic’s software includes GeoticLog, its customizable core-logging platform, GeoticMine, its 3D geological modelling and visualization solution, GeoticGraph, its drill-hole visualizer, GeoticCAD, a cost-effective alternative to common industry tools with an integrated drawing motor and GeoticField, its field-based survey data-entry platform. Geotic also offers a unique drill core photography hardware device that allows for linearized drill photography to be uploaded into the Geotic software suite.
Geotic and GoldSpot technology provide for powerful collaboration, enabling GoldSpot to create deeper integrations across the company’s growing product suite. GoldSpot will be integrating GeoticLog and LithoLens, Geotic’s proprietary core imaging technology to create an industry-first core logging and artificial intelligence-based imaging platform, driving deeper and actionable analytics for customers.
The addition of the Geotic team adds additional bench strength to GoldSpot’s deep experience in geology, artificial intelligence, machine learning, user experience, data visualization and cloud technology.
Under the terms of the purchase agreement, the sellers will receive C$1,000,000 in cash and 1,442,308 common shares of GoldSpot at a price of $1.04 per share, representing an aggregate deemed purchase price for the acquisition of $2,500,000.
The acquisition is expected to close before October 31, 2021 and remains subject to the approval of the TSX Venture Exchange.
GoldSpot is a technology services company in mineral exploration.
GoldSpot Discoveries Corp. (SPOT) is up 11.54 per cent, trading at $1.16 per share at 1:30 pm ET.
