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Bullfrog Gold (CSE: BFG) CEO David Beling on Signing of Definitive Agreements with Barrick and Augusta
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the President and CEO of Bullfrog Gold (CSE: BFG)(OTC: BFGC), Mr. Dave Beling. Dave, how are you today, sir?
David Beling: Very well, Gerardo. How are you doing?
Gerardo Del Real: I am excellent. Thank you for joining me today. You had some important news. You signed the definitive agreements with Barrick and Augusta. Congratulations. Explain to us what that means and explain to shareholders what the next several months will look like.
David Beling: What it means initially with Barrick putting up their lands and getting units, which comprise shares and warrants, and Augusta putting in $22 million Canadian to purchase units, shares and warrants. This means the company is well-funded. $22 million Canadian will go a long way. It will allow the expediting of the exploration and development programs and also prepare everything to take this thing clear into production.
There's a very solid team behind this. They're highly successful. You've got the strength of Barrick. Barrick wants to maintain their interest by buying additional shares when that occurs. You've got two very strong players. As far as Bullfrog, we've assembled this land package and provided a lot of technical work on metallurgy and so forth.
So you've got a three-way deal where we believe strongly that every one of these parties is going to benefit, including our existing shareholders. We think this is a great deal going forward for everybody.
Gerardo Del Real: You've also reinforced the board of directors and the management team. There's going to be a shift upon closing of the deal. Can you explain what that will look like?
David Beling: Augusta personnel, Maryse Bélanger, she's highly successful, sold a gold property up in Canada here a while back for several hundred million dollars. She's coming on as President and CEO and Director. Don Taylor, who was the CEO of Titan Mining, he also explored and developed the Arizona Silver, which had an exceptionally large silver-lead-zinc deposit that they sold to the Aussies for, I don't know, $2 billion.
This group has had very strong successes and we think that'll carry on by the acquisition or their investment into Bullfrog Gold. We're quite optimistic on having these cornerstone investors wanting to participate on a continuing basis to maintain their interest. After this is done, when they exercise all of their warrants, which is a 4-year warrant, you would almost have enough money to put this project into production. At that point in time, Barrick would have 20%, Augusta would have 40%, and our existing shareholders would have 40%. Whereas currently right now, once this is closed, Barrick would have about 16% and Augusta would have 32% and we would have the balance.
So this thing, we believe, is very good for everybody. These folks have the financial resources and technical resources and drive to really push this project and literally make it the best it can be.
Gerardo Del Real: Dave, when we introduced the Bullfrog Gold story to our audience, we mentioned that you had the track record, the experience and the ability and the drive to get Bullfrog Gold and its shareholders to exactly this position. It has to feel good to be able to execute the way you did. What's next for you, sir?
David Beling: I'll be staying on the board of directors and want to do that. I'll be pulling back quite a ways. I just turned 79 years young and I want to reduce my workload from 110% down to 97%.
Gerardo Del Real: Well said. Congratulations to you and to all of our shareholders, obviously. Thank you very much. Anything else you want to leave us with, Dave?
David Beling: No, I think that's pretty much it. These guys, the Augusta folks, are aggressively going after getting additional permitting so they can drill more holes. They're aggressively going after getting all of the baseline studies and engineering work done so that you can advance the thing into production. All of the programs that are needed to go ahead and actually explore, develop, and construct and operate this thing, these folks are hitting the deck running. So this is going to be a good story going forward.
Gerardo Del Real: Well done. Thank you so much.
David Beling: Thank you, Gerardo.