Bullfrog Gold Closes $835,000 Equity Financing
Grand Junction, Colorado--(Newsfile Corp. - February 12, 2019) - Bullfrog Gold Corp (OTCQB: BFGC) ("Bullfrog") ("BFGC" or the "Company") is pleased to announce the initial closing of a non-brokered US $835,000 private placement of equity. The subscriptions were priced at $0.05 per unit, which consisted of one share of the Company's common stock and a two-year warrant to purchase a one-half share at a price of $0.10 per share. A final closing is scheduled within 10 days to allow additional investors to participate.
David Beling, Bullfrog's President and CEO, stated: "The participants in this financing are prominent in the global mining industry and the gold sector in particular. Their interest was driven by the value proposition presented by the high quality of Bullfrog's asset and its location in one of the most exciting and active gold exploration regions in North America. We thank them for their support and look forward to working together and adding value for all Bullfrog shareholders."
Proceeds will be used for corporate purposes, including taking the steps necessary to list on a Canadian stock exchange; performing requirements to secure Nevada and Federal exploration permits; the continuation of metallurgical testing; and designing an exploration program with the goals of expanding known gold mineralization around existing pits and targeting new discoveries on the highly prospective property package. All of these activities are geared to timely advance the Bullfrog Gold Project located 125 miles NW of Las Vegas, Nevada.
About Bullfrog Gold Corp.
Bullfrog Gold Corp. is a Delaware corporation that controls the commanding land and mineral positions in the Bullfrog Mine area where Barrick Bullfrog Inc. produced 2.3 million ounces of gold by conventional milling from 1989 into early 1999. An independent 43-101 compliant report prepared in August 2017 estimated mineralization at 624,000 ounces at 0.7 g/tonne gold within expanded pit plans based on a gold price of $1,200 and heap leaching. The Company has thoroughly analyzed a large data base obtained from Barrick, including detailed information on 155 miles of drilling in the Bullfrog Mine area. More information may be sourced from www.bullfroggold.com.
Cautionary Note Regarding Forward Looking Statements
This press release may contain certain "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein including those 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. We use certain terms in this valuation such as "mineralization" and "mineral inventory estimates" that are not defined in Canadian National Instrument 43-101; or recognized under the U.S. SEC Industry Guide 7. The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures and may not result in the discovery of sufficient mineral deposits that can be mined profitably. Furthermore, the Company currently has no resources or reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Additional information regarding important factors that could cause actual results to differ materially from the Company's expectations is disclosed in the Company's documents filed from time to time with the United States Securities & Exchange Commission.
PE, President, CEO & Director
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