(TheNewswire)
Vancouver, British Columbia – TheNewswire - May 16 th, 2023 – Juggernaut Exploration Ltd.(TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or“Juggernaut”) is pleased to announce a$3,000,000 flow-through financing at $0.1215 per unit putting thecompany in a fully funded position for drilling ~ 5000 meters in therapidly approaching summer on both its high-grade gold and coppershear hosted discovery located on the Bingo property in the GoldenTriangle and thegold and base metal-rich Kuroko style VHMS target on theMidas property. The financing is supported byCrescat Capital with a further follow-up investment. Post-closing ofthis financing, Crescat will retain a significant portion of theCompany and Juggernaut welcomes this additionalstrategic investment. Dr. Quinton Hennigh has long provided histechnical support to the projects, and the Company looks forward tohis continuing guidance. Juggernaut’s projects continue to garnerstrong interest and support from leadinginstitutions and miners alike globally, confirming the quality of itstwo fully permitted, 100% controlled, drill-ready projects, Bingo andMidas, located in world-class geologic terrane of Northwestern BritishColumbia within the Golden Triangle.
Through his role as technical and geologic director ofCrescat Capital, Dr. Quinton Hennigh continues to provide technicaladvice to the Company. Dr. Hennigh is a world-renowned explorationgeologist with more than 30 years of experience, including with majorgold mining firms Homestake Mining, Newcrest Mining, and NewmontMining.
Dr. Hennigh stated , "Very promising results from2023’s maiden drill program confirmed strong potential for‘Surebet’ style intrusive-related gold-base metal lodes at Bingo.In addition, follow up drilling at Midas continues to demonstrate thepresence of a large volcanogenic massive sulfide system in need offurther work. With interest in the mining exploration space quicklyheating up, it is critical that companies like Juggernaut get back tothe job of making discoveries. I look forward to working with theCompany’s team as plans are made for this year’s drill campaign atboth of these exciting projects."
View Juggernaut videos by clicking here .
The funding will consist of up to 24,691,358 units(“units”), priced at $0.1215 each, for gross proceeds of up to$3,000,000. Each unit will consist of one common share plus onewarrant to purchase one common share at $0.14 for a thirty-six-monthperiod. The offering is projected to close on or before May31 st, 2024.
The Company may pay finder's fees of the gross proceedsfrom the financing in cash, and compensation options on units beingsold. This non-brokered private placement is subject to TSX VentureExchange approval. All shares issued pursuant to this offering and anyshares issued pursuant to the exercise of warrants will be subject toa four-month hold period from the closing date.
“We look forward to helping Juggernaut continue theirwork at Bingo and Midas in the coming drill season, given thepotential for a significant discovery, remarked Kevin Smith , Crescat’s founder and ChiefInvestment Officer . “This is the sameexploration team that delivered a major gold and silver discovery for us at Goliath Resources’ Surebet. They arehighly capable of doing the same at one or both targets.”
Directors and officers of the company may acquiresecurities under the placement, which participation would be a“related party transaction” as defined under MultilateralInstrument 61-101 (“MI 61-101”). Such participation is expected tobe exempt from the formal valuation and minority shareholder approvalrequirements of MI 61-101.
Mr. Dan Stuart, Director, President,and CEO of Juggernaut, states:
“We are pleased tocontinue strengthening our relationship with Crescat Capital as astrategic investor and Dr. Hennigh as a Special Technical Advisor andinvestor. I look forward to working with our partners, who bring aproven track record of both financial and technical strength. This$3,000,000 financing will enable Juggernaut to unlock the fullpotential of its assets over the long term, building value for allshareholders. This investment and strategic partnership, coupled withthe ongoing support and interest from other globally recognizedInstitutions and senior miners, is a strong endorsement that clearlydemonstrates the significant near-term expansion discovery potentialof our 100% controlled properties—highlighting just one recentdiscovery on Bingo where multiple drill holesintersected high-grade gold-silver-copper mineralization along anextensive north-trending, west-dipping, shear-hosted vein with gradesup to 11.42 gpt AuEq (7.57 gpt Au, 20.23 gpt Ag and 2.72 % Cu) over5.11 meters, including 19.69 gpt AuEq (13.05 gpt Au, 24.93 gpt Ag and4.70 % Cu) over 2.90 meters. The shear-hosted vein at the Bingo MainZone is partially exposed at surfaces for over 600 meters, and onlythe main outcrop has been drill-tested to date, leaving the systemopen in all directions. With much anticipation, we look forward toexpanding our high-grade gold and copper shear hosted discovery on theBingo property located in the Golden Triangle and the gold and basemetal-rich Kuroko style VHMS target on the Midas property in thissummer’s rapidly-approaching, fully funded ~5000-meter drillprogram. Post financing, Juggernaut will have atight capital structure, no debt, and a strong cash position of ~$4,000,000. As such, we are well-positioned to move forward with ourplans.”
Linkto Bingo high-grade gold copper discovery
About Crescat Capital LLC
Crescat is a global macro asset management firmheadquartered in Denver, Colorado. Crescat’s mission is to grow andprotect wealth over the long term by deploying tactical investmentthemes based on proprietary value-driven equity and macro models.Crescat’s goal is industry leading absolute and risk-adjustedreturns over complete business cycles with low correlation to commonbenchmarks. The company’s investment process involves a mix of assetclasses and strategies to assist with each client’s unique needs andobjectives and includes Global Macro, Long/Short, Large Cap andPrecious Metals funds.
Crescat is advised by its technical consultant, Dr.Quinton Hennigh on investments in gold and silver resource companies.Dr. Hennigh became an economic geologist after obtaining his PhD inGeology/Geochemistry from the Colorado School of Mines. He has morethan 30 years of exploration experience with major gold mining firms,including Homestake Mining, Newcrest Mining, and Newmont Mining.Recently, Dr. Hennigh founded Novo Resources Corp and is serving asChairman. Among his notable project involvements are First MiningGold’s Springpole gold deposit in Ontario, Kirkland Lake Gold’sacquisition of the Fosterville Gold Mine in Australia, the RattlesnakeHills gold deposit in Wyoming, and Lion One’s Tuvatu gold project inFiji, among many others.
About Juggernaut ExplorationLtd.
Juggernaut Exploration Ltd. is a precious metalsproject generator in the geopolitically stable jurisdiction of Canada,focused on the prolific geologic setting of northwestern BritishColumbia encompassing the Golden Triangle.
Qualified Person Rein Turna P.Geo is the qualified person as defined byNational Instrument 43-101 for Juggernaut Exploration’s projects. Hesupervised the preparation of and has reviewed and approved thetechnical information in this release.
For more information, pleasecontact
Juggernaut Exploration Ltd.
Dan Stuart
President, Director, and Chief Executive Officer
604-559-8028
info@juggernautexploration.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONSERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXVENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACYOF THIS RELEASE.
FORWARD LOOKING STATEMENT
Certain disclosure in this release may constituteforward-looking statements that are subject to numerous risks anduncertainties relating to Juggernaut’s operations that may causefuture results to differ materially from those expressed or implied bythose forward-looking statements, including its ability to completethe contemplated private placement. Readers are cautioned not to placeundue reliance on these statements. NOT FOR DISSEMINATION IN THEUNITED STATES OR TO U.S. PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRESERVICES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL ORAN INVITATION TO PURCHASE ANY SECURITIES DESCRIBED IN IT.
Copyright (c) 2024 TheNewswire - All rights reserved.