Augusta and certain individuals identified by the company will concurrently complete a C$22-million investment in Bullfrog.

Bullfrog last month announced a binding term sheet and outgoing CEO and president David Beling said that the company was encouraged by the positive market reaction to the announcement.

He stated that the junior would be “well-funded” to expedite the exploration and development of the Bullfrog project.

Barrick and Augusta will be Bullfrog shareholders following the completion of the transaction.

Further, the board of directors and management of the company will be reconstituted with Maryse Bélanger being appointed president, CEO and director of the company along with Donald Taylor, Daniel Earle and a Barrick nominee being appointed to the company`s board of directors.

Beling will remain on the board.

Closing of the transaction is expected to follow during the fourth quarter of 2020, subject to customary conditions, including certain government approvals and the approval of the Canadian Securities Exchange.