Juggernaut arranges $1-million private placement
2023-08-11 11:25 ET - News Release
Mr. Dan Stuart reports
JUGGERNAUT ANNOUNCES INVESTMENT BY STRATEGIC INSTITUTIONS AND HNWI
Juggernaut Exploration Ltd. has filed documents seeking conditional approval of a non-brokered hard-dollar private placement of up to $1-million. Juggernaut's projects continue to garner strong interest and support from leading institutions, high-net-worth individuals and miners alike, confirming the quality of its three fully permitted, 100-per-cent-controlled projects located in the world-class geologic terrane of northwestern British Columbia and the Golden Triangle.
The hard-dollar financing will consist of up to eight million units, priced at 12.5 cents each for gross proceeds of up to $1-million. Each unit will consist of one common share plus one share purchase warrant, with each warrant exercisable to purchase one common share of the company at 20 cents for a 24-month period from the date of issuance. If at any time after the date of issuance, the company's common shares have a closing price equal to or higher than $1.00 per share for 10 consecutive trading days on the TSX Venture Exchange, the company shall thereafter be entitled to give notice to the holders of the warrants by news release that such warrants will expire at 4:30 p.m. (Toronto time) on that date which is 30 days after the date of such news release, unless exercised before the expiry of that period.
Directors and officers of the company may acquire securities under the private placement, which participation would be considered to be a related-party transaction as defined under Multilateral Instrument 61-101. Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The proceeds from this financing can be used for exploration and/or general working capital.
The company may pay finder's fees equal to 6 per cent of the gross proceeds from a portion of the financing in cash, and 6 per cent finder's B warrants equal to the number of units sold. Completion of the private placement and the payment of the finder's fees are subject to acceptance by the exchange. All shares issued pursuant to the financing (including shares issued to finders) and any shares issued pursuant to the exercise of warrants will be subject to a four-month hold period from the issuance date.
Dan Stuart, director, president and chief executive officer of Juggernaut, states:
"This strategic investment from globally recognized institutions and ongoing support from senior miners is a strong endorsement that clearly demonstrates the significant near-term discovery potential of our 100-per-cent-controlled properties. Postfinancing, Juggernaut will have a tight capital structure of slightly in excess of approximately 70 million shares, no debt and a strong cash position of approximately $4-million. As such, we are well positioned to move forward with our expanded plans of drilling Midas, Empire and Bingo, totalling approximately 6,500 metres. With much anticipation, we look forward to executing the inaugural drill and exploration programs, and reporting results."
About Juggernaut Exploration Ltd.
Juggernaut Exploration is a precious metals and critical element project generator in the geopolitically stable jurisdiction of Canada, focused on the prolific geologic setting of northwestern British Columbia encompassing the Golden Triangle.
We seek Safe Harbor.
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