Business
Goldspot Discoveries to Acquire Full-Service Field Exploration Firm Ridgeline Exploration and Announces New Applied Geophysics Division Led by Peter Dueck
Acquisition will be immediately accretive to GoldSpot and bolsters client offering with i...
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[{"type":"text","content":"Goldspot Discoveries to Acquire Full-Service Field Exploration Firm Ridgeline Exploration and Announces New Applied Geophysics Division Led by Peter DueckAcquisition will be immediately accretive to GoldSpot and bolsters client offering with innovative and high-quality exploration services.Industry veteran Peter Dueck joins GoldSpot as head of the new Applied Geophysical Services division.Addition of Ridgeline and Peter will enhance GoldSpot's ability to generate cutting-edge data tailored to complement its diversified service pipelines and deliver exceptional value to clients.Toronto, Ontario--(Newsfile Corp. - June 30, 2021) - GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) (\"GoldSpot\" or the \"Company\") is pleased to announce it has entered into a definitive agreement to acquire Ridgeline Exploration Services Inc. (\"Ridgeline\"), a privately held geological and logistical field services firm, based in Kelowna, B.C. The acquisition will bolster GoldSpot's inhouse capabilities and will provide consistent, high-calibre input for the Company's advanced artificial intelligence solutions. GoldSpot's new Applied Geophysics Division will provide a full-service solution to solve common inconsistent and piecemeal data collection practices that increase risk and lower efficiency across the industry. Ridgeline was founded in 2014 by two independent British Columbia-based explorationists, Mike Blady and Chris Paul, to form a dynamic and results-focused company by combining their unique skill sets and motivation for discovery. Today, Ridgeline supports exploration companies by providing access to industry specialists with a full suite of talent ranging from geochemistry, structural mapping and geophysics.With the acquisition of Ridgeline, GoldSpot will strengthen its existing consultancy business as well as vertically integrate the ability to capture key data, including airborne geophysical survey mapping. The additional bandwidth in services will position GoldSpot to expand its current revenue, accelerate the recognition of its deferred revenue and provide new value-added services to both Ridgeline's and GoldSpot's strong client pipeline.The Company believes that, with the acquisition of Ridgeline, it will be able to achieve significant post-synergy returns that are consistent with GoldSpot's target acquisition model. The Compa...