RE:Bullfrog Gold closes Barrick, Augusta land dealExcellent. Now that this is finalized / press released...I think time to buy some more in the market and then hold for awhile and let the Augusta Group do their thing. $1.00 and then much higher... Bullfrog Gold closes Barrick, Augusta land deal
2020-10-26 15:05 PT - News Release
Ms. Maryse Belanger reports
BULLFROG GOLD CLOSES TRANSACTION WITH BARRICK GOLD AND AUGUSTA GROUP
Bullfrog Gold Corp. has closed the previously announced transaction with Barrick Gold Corp. and Augusta Group. Bullfrog has now added 1,500 acres of ground adjoining its Bullfrog gold project, strengthened its board of directors and management team, including the addition of Maryse Belanger as president and chief executive officer, and completed a $22-million private placement financing.
Ms. Belanger commented: "We are extremely excited about the upside potential of the combined land packages. We are expediting our exploration activities and plan to begin engineering and design as soon as practical with the goal to become Nevada's next operating gold mine."
In connection with the transaction, Bullfrog issued 54.6 million units to Barrick and 110 million units to Augusta. Each unit consists of one share of common stock of Bullfrog and one warrant exercisable for one additional share at a price of 30 cents for a period of four years expiring on Oct. 26, 2024. The shares and warrants are subject to a four-month and one-day hold applicable under Canadian securities laws. In addition, the securities issued by the company in the transaction were not registered under the Securities Act of 1933, as amended, and were issued in reliance upon exemptions from the registration requirements of the Securities Act. Therefore, such securities may not be offered or sold absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.
For further details regarding the transaction, please refer to the company's press releases of Sept. 8 and Oct. 12, 2020, posted on the company's website and which are available under the company's profile on SEDAR.
About Bullfrog Gold Corp.
The Bullfrog Gold properties host a NI 43-101-compliant mineral resource including 16 million tonnes at 1.02 grams per tonne Au for 525,000 ounces in the measured and indicated categories and 2.84 Mt at 1.20 g/t Au for 110,000 ounces in the inferred category. These resources were estimated in 2017 and are based on a $1,200-per-ounce gold price. Surface sampling studies and more recent drill results outline exploration potential and an opportunity to expand the existing resource.
About the Augusta Group
The Augusta Group is a mining sector focused management group based in Canada and the United States led by Richard Warke. Augusta has an industry leading track record of value creation totaling over $4.5-billion in exit transactions since 2011 and has strategic partnerships with the leading entrepreneurs in the mining sector.
Qualified person
David Beling, professional engineer, is a qualified person as defined by Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Beling has prepared, supervised the preparation of, or approved the technical information that forms the basis of the company's disclosures in this press release, but is not independent of Bullfrog Gold, as he was the CEO and president and will continue as a director of the company.