The deal includes the sale of Barrick’s mining claims, historical resources and permits on the 1,500 acres adjoining Bullfrog’s deposit. Credit: Frank Koornstra.

Gold and silver exploration company Bullfrog Gold Corp (BFGC) has signed definitive purchase agreements with some Barrick Gold subsidiaries and mining-focused management group Augusta Investments.

Under the purchase agreement between Barrick and BFGC, all of Barrick’s mining claims, permits, historical resources, as well as the way and water rights in the Bullfrog mine area will be sold to BFGC.

Last month, Bullfrog Gold signed a binding term sheet with Barrick Gold to acquire rights to 1,500 acres adjoining the company’s Bullfrog gold deposit.

The subscription agreements with Augusta and certain individuals identified by Augusta will see the closing of a $22m investment in Bullfrog.

It includes issuance and sale of 110 million units, with each unit comprising of one share of common stock of BFGC and one whole warrant.

Expected to close in the fourth quarter this year, the transactions are dependent on meeting inter-conditional and other customary conditions.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Mining Technology.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

They are also subject to receiving approvals from the government and Canadian Securities Exchange.

Bullfrog CEO and president David Beling said: “We are delighted to announce the signing of the Definitive Agreements and are encouraged by the positive market reaction to the announcement of the binding term sheet in respect of the Transaction.

“Bullfrog will be well-funded to expedite the exploration and development of the Bullfrog project, and we are excited to welcome our new cornerstone shareholders, Barrick and Augusta.”

Upon completion of the transactions, Barrick and Augusta will hold a significant stake in Bullfrog.