(TheNewswire)
Vancouver, British Columbia – June12 th , 2024 – TheNewswire – Juggernaut Exploration Ltd. (TSX-V: JUGR)(OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) further to its May 24 th , 2024, June5 th ,2024 and June 7 th , 2024, news releases, Juggernaut is pleasedto report that after receiving final approvefrom the TSX Venture Exchange, it has closed its institutionallysupported oversubscribed charity flow-through private placementfinancing (the “Financing”) for aggregate gross proceeds of$3,799,613.49. The use of funds from this financing will be to drill~5000 meters on Juggernaut’s 100% controlled Bingo and Midasproperties, targeting prolific high-grade Copper and Gold at thesurface.
The Company has issued 31,272,539 Charity flow-throughunits (“CFT Units”), priced at $0.1215 eachfor gross proceeds of $3,799,613.49. Each CFT Unit consists of oneflow-through common share plus one common share purchase warrant, eachwarrant being exercisable for an additional common share at $0.14 fora thirty-six-month period.
The CFT Units will entitle the holder to receive thetax benefits applicable to flow-through shares in accordance withprovisions of the Income Tax Act (Canada).
The Company will use an amount equal to the grossproceeds received by the Company from the sale of the CFT Units,pursuant to the provisions in the Income Tax Act (Canada), to incureligible “Canadian exploration expenses” that qualify as“flow-through mining expenditures” as both terms are defined inthe Income Tax Act (Canada) (the “Qualifying Expenditures”) on orbefore December 31, 2025, and to renounce all the QualifyingExpenditures in favor of the subscribers of the FT Units effectiveDecember 31, 2024.
The Company has paid cash finders’ fees totaling$36,361.03 and issued 484,814 non-transferable broker warrantsexercisable at $0.14 for three years.
All securities issued pursuant to this financing aresubject to a four-month plus one-day hold.
This investment, with the ongoing support and interestfrom globally recognized Institutions and senior miners, is a strongendorsement that clearly demonstrates the significant near-termexpansion discovery potential of our 100% controlledproperties—highlighting just one recent discovery on Bingowhere multiple drill holes intersectedhigh-grade gold-silver-copper mineralization along an extensivenorth-trending, west-dipping, shear-hosted vein with grades up to11.42 gpt AuEq (7.57 gpt Au, 20.23 gpt Ag and 2.72 % Cu) over 5.11meters, including 19.69 gpt AuEq (13.05 gpt Au, 24.93 gpt Ag and 4.70% Cu) over 2.90 meters. The shear-hosted vein at the Bingo Main Zoneis partially exposed at surfaces for over 600 meters, and only themain outcrop has been drill-tested to date, leaving the system open inall directions.
About Juggernaut ExplorationLtd.
Juggernaut Exploration Ltd. is a precious and basemetals project generator in the geopolitically stable jurisdiction ofCanada, focused on the prolific geologic setting of northwesternBritish Columbia 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.
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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 NORITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THEPOLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THEADEQUACY OR ACCURACY OF 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.
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