Business
GoldSpot Completes Business Combination of XCorp AI Ltd.
Concurrent financing completed to raise $6,427,500 GoldSpot holds 31.3% of consolid...
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[{"type":"text","content":"GoldSpot Completes Business Combination of XCorp AI Ltd.Concurrent financing completed to raise $6,427,500GoldSpot holds 31.3% of consolidated entity entailing fair value of $8,075,000Toronto, Ontario--(Newsfile Corp. - January 4, 2021) - GoldSpot Discoveries Corp. (TSXV: SPOT) (\"GoldSpot\" or the \"Company\") is pleased to announce that it has completed the previously announced business combination of its majority owned subsidiary, XCorp AI Ltd. (\"XCorp\"), with Golden Planet Mining Corp. (\"GPM\") effective January 1, 2021 (the \"Business Combination\"). Pursuant to the Business Combination, (i) GoldSpot and each of the other shareholders of XCorp. exchanged their common shares of XCorp (\"XCorp Shares\") on the basis of 1.6999431 common shares of GPM (\"GPM Shares\") for each one (1) XCorp Share held; and (ii) XCorp became a wholly-owned subsidiary of GPM. GPM currently holds 146,000 ha of prospective property located south-east of La Ronge, Saskatchewan. XCorp currently holds an option to acquire a 100% interest in the Rider Block Project located in central British Columbia, Canada pursuant to an option agreement dated October 9, 2020 with Hanging Wall Metals Ltd. (\"Hanging Wall\"). In order to earn its interest in the Rider Block Project, XCorp was previously required, amongst other matters, to issue stock options to acquire such number of XCorp Shares as were equal to 3% of the outstanding XCorp Shares after giving effect to an initial minimum financing of $2,500,000 (the \"Option Requirement\"). Pursuant to the Business Combination, an aggregate of 1,547,850 stock options of GPM were issued to Hanging Wall in full satisfaction of the Option Requirement, each exercisable to acquire one (1) GPM Share at an exercise price of $0.50 for a period of 5 years (the \"GPM Options\").Contemporaneously with the closing of the Business Combination, GPM closed a concurrent non-brokered private placement financing pursuant to which it issued an aggregate of 8,095,000 GPM Shares at $0.50 per share and 3,500,000 \"flow-through\" GPM Shares at $0.68 per share to raise aggregate gross proceeds of $6,427,500 (the \"Private Placement\"). Immediately following the Business Combination, GoldSpot holds an aggregate of 16,149,629 GPM Shares representing 31.3% of all issued and outstanding GPM Shares on a non-diluted basis (or 30.4% on a fully ...