Bullfrog Gold Corp. announces that the board of directors of the Company has approved the issuance of 1,500,000 common shares.
Bullfrog Gold Corp. (CSE:BFG, OTCQB:BFGC) (“Bullfrog Gold” or the “Company”), announces that the board of directors of the Company has approved the issuance of 1,500,000 common shares (the “Shares”) at a deemed price per Share of CDN$0.165 to its directors, in consideration for their service to the Company.
The issuance of the Shares is subject to the approval of the Canadian Securities Exchange (the “CSE”) and will be issued pursuant to shares for services agreements. The Shares will be subject to a four-month, plus one day hold period from the date of issuance, in accordance with applicable securities laws.
Each issuance of the Shares to the directors constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation and minority approval requirements contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transaction does not exceed 25% of the Company’s market capitalization.
The Company confirms that the securities issued have not created a new Control Person of the Issuer.
About Bullfrog Gold Corp.
Bullfrog Gold is a Delaware corporation that controls mineral positions in the Bullfrog mine area where Barrick Bullfrog Inc. produced 2.3 million ounces of gold by conventional milling from 1989 to 1999.
ON BEHALF OF THE BOARD
For further information, please contact the Company at:
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.