Business
GoldSpot Enters into Definitive Agreement for Business Combination of XCorp AI Ltd.
Toronto, Ontario--(Newsfile Corp. - December 15, 2020) - GoldSpot Discoveries Corp. (TSXV: S...
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[{"type":"text","content":"GoldSpot Enters into Definitive Agreement for Business Combination of XCorp AI Ltd.Toronto, Ontario--(Newsfile Corp. - December 15, 2020) - GoldSpot Discoveries Corp. (TSXV: SPOT) (\"GoldSpot\" or the \"Company\") is pleased to announce that it has entered into a definitive agreement dated December 14, 2020 (the \"Definitive Agreement\") to give effect to the previously announced business combination (the \"Business Combination\") of its majority owned subsidiary, XCorp AI Ltd. (\"XCorp\"), with Golden Planet Mining Corp. (\"GPM\"). Pursuant to the Definitive Agreement (i) GoldSpot and each of the other shareholders of XCorp will exchange 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 will become 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 Inc. (\"Hanging Wall\"). In order to earn its interest in the Rider Block Project, XCorp is required, amongst other matters, to issue stock options to acquire such number of XCorp Shares as are 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 will be 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\").The Business Combination remains subject to various closing conditions, including the approval of the TSX Venture Exchange. Please refer to the press release of the Company dated November 11, 2020 for further details.About GoldSpot Discoveries Corp.GoldSpot Discoveries Corp. (TSXV: SPOT) 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 ...