- GoldSpot Discoveries (SPOT) is set to acquire Ridgeline Exploration, a full-service field exploration firm based in Kelowna, B.C.
- The company will pay C$2.4 million for the acquisition
- The acquisition will strengthen GoldSpot’s consultancy business, expand revenue and offer clients new value-added services
- The company has also appointed Peter Dueck as Senior Geophysicist and head of its new Applied Geophysics Division
- GoldSpot Discoveries is a technology services company in mineral exploration
- GoldSpot Discoveries (SPOT) is down by 2.44 per cent and is currently trading at $1.20 per share
GoldSpot Discoveries (SPOT) is set to acquire Ridgeline Exploration, a full-service field exploration firm based in Kelowna, B.C.
Founded in 2014, Ridgeline supports exploration companies by providing access to industry specialists ranging from geochemistry, structural mapping and geophysics.
Acquisition rationale
With the acquisition of Ridgeline, GoldSpot will strengthen its consultancy business and vertically integrate the ability to capture key data, including airborne geophysical survey mapping.
The additional service bandwidth will also position GoldSpot to expand its current revenue, accelerate the recognition of deferred revenue and provide new value-added services to both companies’ clients.
Ridgeline founders Mike Blady and Chris Paul will join GoldSpot as consultants and continue to run Ridgeline’s day-to-day operations.
Transaction details
GoldSpot will pay C$2.4 million for the acquisition including 1,951,219 common shares priced at $1.23 per share and a cash payment of $28,000.
Peter Dueck joins GoldSpot as Senior Geophysicist and head of new Applied Geophysics Division
GoldSpot’s new Applied Geophysics Division will provide a full-service solution to piecemeal data collection practices that increase risk and lower efficiency across the industry.
The company has appointed Peter Dueck as Senior Geophysicist and Head of Geophysical Services. Peter is a seasoned geophysicist with more than fifteen years of experience in both greenfield and brownfield exploration throughout a wide range of commodities.
Vincent Dubé-Bourgeois, GoldSpot’s CEO, commented,
“We are excited to welcome Peter to GoldSpot. Peter is a known innovator in the exploration geophysics industry with a strong mastering of long-term trends and strategies across the junior resource sector. His extensive experience in geophysics, geomatics and aerial imaging will significantly benefit our clients and help continue to advance GoldSpot’s unmatched track record of success.”
GoldSpot Discoveries is a technology services company in mineral exploration.
GoldSpot Discoveries (SPOT) is down by 2.44 per cent and is currently trading at $1.20 per share as of 9:35 am ET.
