(TheNewswire)
Vancouver, British Columbia - TheNewswire - August 11th 2023 - Juggernaut Exploration Ltd. (TSX-V:JUGR) (OTC:JUGRF) (FSE:4JE) (the“Company” or “Juggernaut”) is pleased toannounce it has filed documents seeking conditional approval of anon-brokered hard dollar private placement of up to $1.0 milliondollars. Juggernaut’s projects continue togarner strong interest and support from leadinginstitutions, high net-worth individuals and miners alike, confirmingthe quality of its three fully permitted, 100% controlled projectslocated in world class geologic terrane of Northwestern BritishColumbia and the Golden Triangle.
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The hard dollar financing will consist of up to8,000,000 units (“Units”), priced at $0.125 each for grossproceeds of up to $1,000,000. Each Unit will consist of one commonshare plus one share purchase warrant (“Warrant”) with eachWarrant exercisable to purchase one common share of the Company at$0.20 for a twenty-four month period from the date of issuance. Ifat any time after the date of issuance, the Company’s common shareshave a closing price equal to or higher than $1.00 per share for ten(10) consecutive trading days on the TSXV Exchange (“Exchange”),the Company shall thereafter be entitled to give notice to the holdersof the Warrants by news release that such Warrants will expire at 4:30P.M. (Toronto time) on that date which is 30 days after the date ofsuch news release unless exercised before the expiry of thatperiod.
Directors and officers of the company may acquiresecurities under the private placement, which participation would beconsidered to be a “related party transaction” as defined underMultilateral Instrument 61-101 (“MI 61-101”). Such participationis expected to be exempt from the formal valuation and minorityshareholder approval requirements of MI 61-101. The funds from thisfinancing can be used for exploration and/or general working capital.
The Company may pay finder's feesequal to 6% of the gross proceeds from a portion of the financing incash, and 6% finder’s B-warrants equal to the number of units sold. Completion of the privateplacement and the payment of the finders’ fees are subject toacceptance by the Exchange. Allshares issued pursuant to the financing (including shares issued tofinders) and any shares issued pursuant to the exercise of warrantswill be subject to a four-month hold period from the issuance date.
Mr. Dan Stuart, Director, President,and CEO of Juggernaut states:
This strategic investment from globally recognizedInstitutions and ongoing support from senior miners, is a strongendorsement that clearly demonstrates the significant near-termdiscovery potential of our 100% controlled properties. Post financing,Juggernaut will have a tight capital structure of slightly in excessof ~70 million shares, no debt, and a strong cash position of ~$4,000,000. As such, we are well positioned to move forward with ourexpanded plans of drilling Midas, Empire and Bingo totalingapproximately ~6,500 meters. With much anticipation, we look forward to executing the inauguraldrill and exploration programs and reporting results.”
About Juggernaut ExplorationLtd.
Juggernaut Exploration Ltd. is a precious metals andcritical element project generator in the geopolitically stablejurisdiction of Canada, focused on the prolific geologic setting ofnorthwestern British Columbia encompassing the Golden Triangle.
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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