Bullfrog Gold Closes Transaction with Barrick Gold and Augusta Group
26 Octobre 2020 - 10:42PM
via NewMediaWire -- Bullfrog Gold Corp. (BFGC:OTCQB; BFG:CSE;
11B:FSE) (“
Bullfrog” or the
“
Company”) is pleased to announce
it has closed the previously announced transaction with
Barrick Gold Corporation (“
Barrick”) and Augusta
Group (“
Augusta”). Bullfrog has now added 1,500
acres of ground adjoining its Bullfrog Gold Project
(“
Project”), strengthened its board of directors
and management team, including the addition of Maryse Belanger as
President and CEO, and completed a C$22 million private
placement financing (together, the “
Transaction”).
Maryse Belanger, Bullfrog CEO, 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 (the “Units”) to Barrick and 110 million
Units to Augusta. Each Unit consists of one share of common stock
of Bullfrog (a “Share”) and one warrant (a
“Warrant”) exercisable for one additional Share at
a price of C$0.30 for a period of 4 years expiring on October 26,
2024. The Shares and Warrants are subject to a 4-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 (the
“Securities Act”), 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. This press release does not constitute an
offer to sell any securities or a solicitation of an offer to
purchase any securities.
For further details regarding the Transaction, please refer to
the Company’s press releases of September 8 and October 12, 2020
posted on the Company’s website
at www.bullfroggold.com and which are available under the
Company’s profile on SEDAR at www.sedar.com.
About Bullfrog Gold Corp.
The Bullfrog Gold properties host a NI 43-101 compliant Mineral
Resource including 16 Mt at 1.02 g/t 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/oz 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 C$4.5 billion in exit transactions since 2011 and has
strategic partnerships with the leading entrepreneurs in the mining
sector. Additional information on the Augusta Group can be found
at www.augustacorp.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains certain "Forward-Looking Statements"
within the meaning of Section 27A of the Securities Act, and
Section 21E of the United States Securities Exchange Act of 1934,
as amended. All statements, other than statements of historical
fact, included herein with respect to the objectives, plans and
strategies of the Company and those preceded by or that include the
words "believes," "expects," "given," "targets," "intends,"
"anticipates," "plans," "projects," "forecasts" or similar
expressions, are forward-looking statements that involve various
risks and uncertainties. Forward-looking information in this press
release includes statements regarding the Company’s exploration and
development of the Project, including the goal of becoming Nevada’s
next operating gold mine.
Such forward-looking information and statements are based on
numerous assumptions, including among others, the Company's ability
to successfully maintain its listings, the stability of industry
and market costs and trends and the Company's ability to obtain all
regulatory approvals required for its planned objectives.
Furthermore, by their very nature, forward-looking information
involves a variety of known and unknown risks, uncertainties and
other factors which may cause the actual plans, intentions, events,
results, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information. Such risks, uncertainties and other
factors include, without limitation, those related to: (a) adverse
regulatory or legislative changes (b) market conditions,
volatility and global economic conditions (c) industry-wide risks
(d) the Company's inability to maintain or improve its competitive
position and (e) the ability to obtain financing needed to fund the
continued development of the Company's business.
Qualified Person
David Beling, P.E. 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 Corp., as he was the CEO &
President and will continue as a Director of the Company.
For further information, please contact Maryse Belanger, CEO
& President, at (604) 687-1717.
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