In a trading session that was similar to the classic film, The Ten Commandments, the penny stock of Bullfrog Gold Corp. (BFGC) plagued the OTC today. Shares of BFGC stock surged in volume more than tripling their largest session since listing (June 22, 2012: 986,767) without any news or pumps in activity to remove the pond scum accumulated in the subway systems. With the not-so-subtle increase in PPS, are the golden frogs about to begin jumping finally, or is it just a bunch of bullish Bull?
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BFGC Stock Chart
Market Cap: 10.25M
Close: 0.34, up 0.11 (47.83%)
Volume: 3,328,576
Dollar Volume: $880,777
High: 0.37
Low: 0.24
Trades: 128
Average Trade Size: 26,004
Authorized: 200,000,000
Issued and Outstanding: 30,153,846
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Actually, the trading activity of BFGC stock Wednesday very well could have been triggered by the Schedule 13G filed last week declaring the 1.79 million shares Barry Honig, President of Bullfrog Gold Corp., beneficially owns. (see here) Further to that, the Company filed an S-1 one month ago for the sale of 13,690,875 shares by existing shareholders. (see here) The S-1 has yet to become effective.
While Bullfrog Gold management effectively own 4,778,859 shares, 16% of the shares outstanding, either directly or indirectly, the S-1 filing is for the original shareholders in the Company, prior to the reverse merger in September, to register for the sale of their shares:
· 5,252,250 shares of common stock issued to certain investors in the private placement in September 2011;
·3,875,000 shares of common stock issuable upon the conversion of Series A Preferred Stock issued to certain investors in the private placement in September 2011; and
· 4,563,625 shares of common stock issuable upon the exercise of outstanding warrants to the investors in the private placement in September 2011
The September, 2011 reverse merger agreement details can be viewed here.
About BFGC Stock
Bullfrog Gold Corp. was incorporated under the laws of the State of Delaware on July 23, 2007 as Kopr Resources Corp. On July 19, 2011, Bullfrog Gold’s board of directors approved an Amended and Restated Certificate of Incorporation of the Company to authorize (i) the change of the name of the Company to “Bullfrog Gold Corp.” from “Kopr Resources Corp.” (ii) the increase in the authorized capital stock to 250,000,000 shares and (iii) the change in par value of the capital stock to $0.0001 per share. The Company is in the exploration stage of its resource business.
Bottom Line: BFGC has the insiders penny stock speculators look for, especially in a gold mining deal. However, BFGC stock has been a bearish performer and without knowledge of how much the cost basis is for the shares being registered, playing this mining deal off of today’s volume spike could be like playing Frogger with an elephant on your back.
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