Business
Duckworth Capital Corp. Enters into Definitive Agreement with Goldspot Discoveries Inc. to Complete Business Combination
Halifax, Nova Scotia--(Newsfile Corp. - June 21, 2018) - Duckworth Capital Corp., (TSXV: DUKE....
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[{"type":"text","content":"Duckworth Capital Corp. Enters into Definitive Agreement with Goldspot Discoveries Inc. to Complete Business CombinationHalifax, Nova Scotia--(Newsfile Corp. - June 21, 2018) - Duckworth Capital Corp., (TSXV: DUKE.P) (\"Duckworth\"), a capital pool company listed on the TSX Venture Exchange (the \"TSXV\"), is pleased to announce that it has entered into an amalgamation agreement (the \"Amalgamation Agreement\") dated June 18, 2018, with Goldspot Discoveries Inc. (\"Goldspot\") and 2639781 Ontario Inc., a wholly-owned subsidiary of Duckworth (\"Subco\"), whereby Duckworth will acquire all of the issued and outstanding shares of Goldspot, an arm's length party. Pursuant to the Amalgamation Agreement, Goldspot will amalgamate with Subco and all of the outstanding common shares of Goldspot (the \"Goldspot Shares\") will be exchanged for common shares of Duckworth (the \"Duckworth Shares\") on the basis of 82.73481801 Duckworth Shares for each one Goldspot Share held (the \"Transaction\"). As a result, approximately 138,950,893 Duckworth Shares will be issued to former Goldspot shareholders on a pre-consolidated basis and not including any Duckworth Shares or Goldspot Shares issuable pursuant to the Offering (particulars of which are set out below). There are no finder's fees payable in connection with the completion of the Transaction.The Transaction will constitute Duckworth's Qualifying Transaction, as defined in Policy 2.4 of the TSXV Policy Manual (the \"Qualifying Transaction\") and is subject to the approval of the TSXV. Goldspot Discoveries Inc.Goldspot is a private company continued pursuant to the Business Corporations Act (Ontario). 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 tra...