• Consulting revenue up 92% and significant net income growth to new all-time records

Toronto, Ontario–(Newsfile Corp. – May 31, 2021) –

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The following are selected consolidated financial results as at and for the three months ended March 31, 2021 with comparatives:

  Consolidated statements of income and comprehensive income highlights     Three months ended
March 31, 
  2021    2020
Consulting income $ 1,799,803    $ 938,620
Net investment gains (losses) (2,082,455)     368,763
Total expenses (1,578,333)     (1,259,467)
Loss from equity investment (291,245)    
Deferred tax recovery 194,123    
Net income (loss) from operations (1,956,611)     59,437
Realized gains from disposition of subsidiary 7,659,798    
Net income and comprehensive income for the period 5,703,187     59,437
Earnings per common share for the period – basic and diluted 0.06     0.00


Consolidated statements of financial position highlights March 31, 2021 December 31, 2020
Cash and cash equivalents $ 4,184,319 $ 4,467,177
Due from brokers 500,343
Accounts receivable 620,752 486,320
Investments, at fair value 15,718,366 17,820,973
Equity investment 7,783,570
Total assets 29,304,864 23,727,167
Deferred revenue 3,289,005 3,119,439
Deferred tax liabilities 1,205,123 1,399,246
Total liabilities 5,230,987 5,337,046
Equity 24,073,877 18,390,121


Subsequent to March 31, 2021, the Company announced that it has entered into an agreement with Canaccord Genuity Corp. who has agreed to a bought deal of 12,500,000 common shares at a price of $0.80 per share for aggregate proceeds of $10,000,000, subject to an increase by up to an additional 15% pursuant to an over-allotment option. The offering is expected to close during the first week of June 2021, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

About GoldSpot Discoveries

GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) is a technology services company in mineral exploration. GoldSpot is a leading team of expert scientists who merge geoscience and data science to deliver custom solutions that transform the mineral discovery process. In the race to make discoveries, GoldSpot produces Smart Targets and advanced geological modelling that saves time, reduces costs, and provides accurate results.

For further information please contact:

Denis Laviolette,
Executive Chairman and President
GoldSpot Discoveries Corp.
Tel: 647-992-9837
Email: [email protected]

Cautionary Statement on Forward-Looking Information

Neither the TSX Venture Exchange (“TSXV”), OTC Best Market “(OTCQX”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85697

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