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Bullfrog Gold Completes Transaction with Barrick Gold and Augusta Group


On October 26, 2020, Bullfrog Gold Corp. completed a transaction with Barrick Gold Corporation and the Augusta Group whereby Bullfrog acquired rights to 1,500 acres of ground adjoining its Bullfrog Gold Project in Nevada from Barrick and completed a $22 million private placement financing with the Augusta Group.

Pursuant to the transaction, Bullfrog issued 54,600,000 units to Barrick and 110,000,000 to the Augusta Group. Each unit consists of one share of common stock of Bullfrog and one warrant exercisable for one share of common stock of Bullfrog at a price of $0.30 until October 26, 2024. In connection with the transaction, the board of directors and management of Bullfrog were reconstituted by appointing certain directors and officers put forward by the Augusta Group and certain investor rights were granted to each of Barrick and the Augusta Group.

Cassels acted for the Augusta Group with a deal team that included Jennifer Traub and Jonathan Chandler (Mining and Securities).

RELATED EXPERTISE: Mining | Securities