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Eric Sprott increases its stake in machine learning exploration technology company

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(Kitco News) - GoldSpot Discoveries (TSXV: SPOT), a leading technology services company leveraging machine learning to transform the mineral discovery process, announced that it has completed a non-brokered private placement to raise aggregate gross proceeds of $9,145,500.

The company said that Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 9,380,000 shares under the offering for consideration of $9,145,500.

Subsequent to the closing of the offering, Eric Sprott beneficially owns or controls 23,681,332 shares of the company representing approximately 19.9% of the issued and outstanding shares of the company on a non-diluted basis. Prior to the offering, Mr. Sprott beneficially owned and controlled 14,301,332 shares of the company representing 13.1% of the issued and outstanding shares on a non-diluted basis.

According to a press-release, the shares were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of GoldSpot, the company said.

"Eric is one of our earliest supporters and a valued shareholder in GoldSpot. This $9.1M investment at a premium to the market, is a strong endorsement of our company and the management team as we develop and acquire licensable products to build robust, reoccurring revenue streams," said Denis Laviolette, Executive Chairman and President of GoldSpot. "Alongside our recent oversubscribed $11.5M private placement, this investment further strengthens the company's cash position and demonstrates continued investor confidence in GoldSpot as we execute our diversified acquisition and revenue strategies."

GoldSpot Discoveries is a technology services company in mineral exploration. GoldSpot is a leading team of expert scientists who merge geoscience and data science to deliver bespoke solutions that transform the mineral discovery process. In the race to make discoveries, GoldSpot produces Smart Targets and advanced geological modelling that saves time, reduces costs and provides accurate results.

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