TORONTO, ONTARIO--(Marketwired - Jan. 17, 2017) - ThreeD Capital Inc. (the "Company") (CSE:IDK)(CSE:IDK.CN) wishes to provide an update relating to its role in incubating two private companies focused on the resource space.
In September of 2015, the Company forged a partnership with Palisade Global Investments Ltd., a resource focused private merchant bank, to identify and acquire resource projects during depressed market conditions. The partnership created a private company called Palisade Resources Corp and currently the Company has a 27 % equity interest. Palisades Resources Corp has acquired 26 mining projects to date, across Canada and the United States, primarily focused on gold and uranium in premium jurisdictions. Palisade Resources Corp. is now the second largest claim holder in the province of Newfoundland.
Further, in March of 2016, Palisade Resources Corp. undertook a project to study the implementation of machine learning and artificial intelligence in the mineral exploration business. Leading experts in the machine learning space were brought in to develop an algorithm capable of identifying prospective targets on both local and regional scales. Initial findings from the project proved extremely promising and the board of directors opted to further finance the project and created a special purpose corporation called Goldspot Discoveries Inc. ("Goldspot"). Goldspot is currently at the forefront of the AI-resource space and management believes a new wave in mineral exploration and target delineation.
"We are thrilled to have worked together with Palisade and ThreeD Capital in building and positioning two very exciting companies in to reap the full rewards of the upcoming commodity/resource cycle. We have combined both a tried, tested and true approach to generate value by accruing hard assets in favorable jurisdictions, as well as harnessing a new and groundbreaking AI technology to apply to resource exploration, exploitation and investment. We will disrupt the space." Stated Denis Laviolette, President of Palisade Resources Corp, and CEO of Goldspot.
The Company also announces that it has granted to its directors, officers, employees and consultants 3,350,000 incentive stock options under the company's stock option plan. Each option entitles the holder thereof to purchase one common share at an exercise price of 15 cents per share for a period of five years from the date of the grant. The common shares issuable upon the due exercise of the options will be subject to a four-month hold period from the date of the grant.
ThreeD Capital Inc. is a publicly- traded Canadian-based venture capital firm focused on opportunistic investments in companies in the resource, technology and biotechnology markets.