With the tailwind of this lead order, Juggernaut announced that it will raise a total of up to CAD 510,000 through a private placement
The well-known precious metals and commodities investor Crescat Capital, headquartered in Denver, Colorado, apparently sees great potential in the shares of Juggernaut Exploration Ltd. (TSX-V: JUGR; OTCQB: JUGRF, FSE: 4JE). Juggernaut announced today that Crescat is prepared to further increase its strategic interest in the company to 19.70%. With the tailwind of this lead order, Juggernaut announced that it will raise a total of up to CAD 510,000 through a private placement. The financing will consist of up to 8,500,000 units to be offered at a price of $0.06 per unit. Each unit will consist of one common share and one warrant to purchase one common share at $0.10 for a period of thirty-six months without mandatory conversion. The offering is expected to close on 30 April.
In his role as Technical and Geological Director of Crescat Capital, Dr Quinton Hennigh continues to provide technical advice to the Company. Dr Hennigh is a world-renowned exploration geologist with more than 30 years of experience, including with major gold mining companies Homestake Mining, Newcrest Mining and Newmont Mining. Dr Hennigh explained: “The encouraging results from the initial 2023 drilling programme confirmed the strong potential for Surebet-type intrusive-related gold-base metal deposits at Bingo. In addition, follow-up drilling at Midas continues to show the presence of a large volcanogenic massive sulphide system that requires further work. With interest in mining exploration rapidly increasing, it is critical that companies like Juggernaut get back to work making discoveries.”
Mr Dan Stuart, Director, President and CEO of Juggernaut, commented: “I look forward to working with our partners who have a proven track record of success both financially and technically. This will enable Juggernaut to realise the full potential of its assets over the long term, enhancing value for all shareholders. We look forward to expanding our high-grade gold and copper discoveries through drilling at Bingo and Midas in the early summer of 2024.”
Conclusion: The lead order from prominent investor Crescat Capital should significantly increase Juggernaut's visibility in the future. With its strategic stake of 19.7 per cent, Crescat is not only expanding its strategic investment in the explorer, but is also consolidating its position in a narrowly defined region in the so-called Golden Triangle of British Columbia. Juggernaut is a neighbour of Goliath Resources (TSXV: GOT; FRA: B4IF), in which Crescat also holds a strategic interest of 19.9 percent. In addition, both companies share the same exploration team. Crescat is confident that this team can repeat the success of Goliath Resources' Surebet discovery. Kevin Smith, founder and Chief Investment Officer of Crescat and Dr Quinton Hennigh explicitly make this connection to Surebet. After 60,000 metres of drilling, Goliath now has a market capitalisation of around CAD 100 million. Juggernaut Exploration is currently valued at around CAD 7 million.
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