With backers such as Frank Holmes, Eric Sprott and Rob McEwen, GoldSpot Discoveries officially went public on the TSX Venture Exchange.
GoldSpot Discoveries (TSXV:SPOT), formerly Duckworth Capital, went public on Thursday (February 21) as it commenced trading of its common shares on the TSX Venture Exchange.
The company, which was a 2017 finalist in Goldcorp’s (TSX:G,NYSE:GG) #DisruptMining competition, is the first public artificial intelligence company in mining and it is poised to make big waves within the industry.
“It’s a transformative time for the mining industry,” Denis Laviolette, CEO of GoldSpot, told the Investing News Network following the company going public.
“It’s a big milestone … over three years of blood, sweat and tears … shareholders are happy,” he added.
Laviolette also stated that going public further proves that they are a real business, stating, “[now is the time] to show the market that’s the case.”
The CEO acknowledged that today’s news will allow the company to garner more exposure and to be even more of a vehicle for companies that are looking for a new type of investment within the mining sector.
And what does this new type of investment look like? According to the company, it will enable future resource development by breaking down exploration barriers with data driven science, artificial intelligence and machine learning.
As future discoveries in the mining sphere involve deeper and more complex ore bodies, hidden by overburden and other geological structures, GoldSpot believes that its technology, which is big data, is the solution to comprehending what the human brain alone cannot.
For Laviolette, he sees it as an opportunity to, “unlock [the] value in mining.”
Currently, GoldSpot’s target audience resides within the junior mining sector, but that hasn’t stopped the company from gaining the attention and monetary backing from major players within the both the mining and tech space.
“I love what their business model is,” Frank Holmes, CEO and chief investment officer of US Global Investors (NASDAQ:GROW) told the Investing News Network at this year’s Vancouver Resource Investment Conference.
Holmes is just one of the many investors that currently backs the company, with a list that includes industry heavy-hitters such as Eric Sprott, Rob McEwen, Triple Flag Mining and Hochschild Mining (LSE:HOC,OTC Pink:HCHDF).
In fact, GoldSpot managed to raise US$7.5-million before going public.
With services that will give companies the ability to “extract every last drop” out of their combined data (press releases, drill hole results, survey results etc), the company plans to disrupt the mining industry for many years to come.
As of 4:28 p.m. EST on Thursday, GoldSpot was trading at C$0.38.
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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.