(TheNewswire)
 | |||||||||
 |  |  |  |  |  | ||||
Vancouver, British Columbia – TheNewswire - November 22, 2024 – Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) further to its November 12 , November 18, and November 20, 2024 news releases, Juggernaut is pleased to report that it has closed its non-brokered flow-through private placement financing (the “Financing”) for aggregate gross proceeds of $1,374,500 largely from strategic investors. The flow-through funds will be used towards follow-up drilling in 2025 on Juggernaut’s 100% controlled Midas and Bingo properties, targeting prolific high-grade Gold, Silver, Copper and Cobalt deposits.
The Company has issued 16,170,587 flow-through units (“FT Units”), priced at $0.085 each for gross proceeds of $1,374,500. Each FT Unit consists of one flow-through common share plus one flow-through share purchase warrant, each flow-through warrant being exercisable for an additional flow-through common share at $0.12 for a twelve-month period from date of issuance.
The CMETC FT Units will entitle the holder to receive the tax benefits applicable to flow-through shares per the Income Tax Act (Canada) provisions.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the CMETC FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) on or before December 31, 2025, and to renounce all the Qualifying Expenditures in favor of the subscribers of the FT Units effective December 31, 2024.
In addition, the Company has paid cash finders’ fees totalling $45,693 and issued 537,564 non-transferable broker warrants exercisable at $0.12 for twelve months.
All securities issued pursuant to this financing will be subject to a four-month plus one-day hold, expiring March 22, 2025.
This oversubscribed investment, coupled with the ongoing support and interest from other globally recognized Institutions and senior miners, is a strong endorsement that clearly demonstrates the significant near-term expansion discovery potential of the Company’s 100% controlled properties.
Dan Stuart, President and CEO of Juggernaut Exploration, states, “We had successful drill programs totaling 6300 meters on both of our 100% controlled Midas and Bingo properties carried out in 2024 designed to target high-grade gold-silver-copper and cobalt mineralization at Bingo along strike and depth, as well as drill tested what we believe is the most compelling VHMS target identified on the Midas property to date. We look forward to announcing results with great anticipation in the near future.
About Juggernaut Exploration Ltd.
Juggernaut Exploration Ltd. is an explorer and generator of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in world-class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Juggernaut is a member and active supporter of CASERM, an organization representing a collaborative venture between the Colorado School of Mines and Virginia Tech. Juggernaut’s key strategic cornerstone shareholder is Crescat Capital.
Qualified Person Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101 for Juggernaut Exploration’s projects. He supervised the preparation of and has reviewed and approved the technical information in this release.
View Juggernaut videos by Clicking Here.
For more information, please contact
Juggernaut Exploration Ltd.
Dan Stuart
President, Director, and Chief Executive Officer
604-559-8028
info@juggernautexploration.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD LOOKING STATEMENT
Certain disclosure in this release may constitute forward-looking statements that are subject to numerous risks and uncertainties relating to Juggernaut’s operations that may cause future results to differ materially from those expressed or implied by those forward-looking statements, including its ability to complete the contemplated private placement. Readers are cautioned not to place undue reliance on these statements. NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TO PURCHASE ANY SECURITIES DESCRIBED IN IT.
Copyright (c) 2024 TheNewswire - All rights reserved.
