Bullfrog Gold Closes Transaction with Barrick Gold and Augusta Group

Nachrichtenquelle: globenewswire
26.10.2020, 22:42  |  239   |   |   

Vancouver, BC, Oct. 26, 2020 (GLOBE NEWSWIRE) -- 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.

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Bullfrog Gold Closes Transaction with Barrick Gold and Augusta Group Vancouver, BC, Oct. 26, 2020 (GLOBE NEWSWIRE) - 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 …

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