Barrick sells rights to Bullfrog Gold

Delaware-based Bullfrog Gold on Tuesday announced a transaction to acquire rights in Nevada from gold major Barrick Gold, along with plans for a C$22-million financing to be completed through Augusta Investments.

Upon completion of the transaction, Barrick and Augusta would become new cornerstone shareholders, with the gold major holding a 15.9% shareholding and Richard Warke’s mining-sector focused management group 31.9% of the junior’s outstanding shares.

Augusta would also assume management, and Maryse Belanger would become CEO, while the board of the company would be reconstituted.