Juggernaut successfully closes first tranche of financing with Crescat and Dr. Hennigh

Juggernaut Exploration (TSX.V: JUGR, FSE: 4JE, WKN: A2PTXU) is currently conducting a financing as announced on 6 November 2023. A first tranche has now been successfully placed. The tranche was subscribed by Crescat Capital and Dr Quinton Hennigh personally.

A total of 12,092,616 units were placed as part of the first tranche. This is a follow-up investment for Crescat Capital. The company had already announced its intentions in May 2023. Following this new investment, Crescat now holds a significant stake in Juggernaut, which is very much welcomed by Juggernaut itself as an additional strategic investment.

There has also been a long-standing relationship between the company and Dr Quinton Hennigh, as Dr Hennigh supports Juggernaut in its projects as an external consultant with his technical advice and expertise. Juggernaut is looking forward to continuing this co-operation in the future.

A large proportion of the planned shares has already been successfully placed

The financing will consist of a total of up to 15,400,000 units, which will be offered at a price of 0.13 Canadian dollars (CAD) per unit. They are expected to generate gross proceeds of up to CAD 2,002,000 for Juggernaut. As more than twelve million units have already been placed with the first tranche, the success of the capital measure is already virtually guaranteed.

Each unit consists of one common share and one option to purchase an additional common share of the company at a price of CAD 0.25 for a period of 36 months. The option may be exercised early at the company’s option if Juggernaut’s shares trade at or above CAD 1.00 for ten consecutive days.

Juggernaut’s activities attract world-wide interest

Overall, Juggernaut’s projects continue to attract strong interest and support from leading global institutions and mining companies. The quality of the three fully permitted, 100 per cent controlled and drill-ready projects Midas, Empire and Bingo is widely recognised and endorsed. They are located in the Golden Triangle of northwest British Columbia, a world-class geological terrain.

Dr Quinton Hennigh is Special Technical Advisor to Juggernaut and Technical and Geological Director of Crescat Capital. He is a globally recognised exploration geologist with more than 30 years of experience and has worked for major gold mining companies including Homestake Mining, Newcrest Mining and Newmont Mining.

He explained the background to his investment: “Juggernaut had a very successful exploration season in 2023. Over the past few years, the Company’s exploration team has been diligently collecting high-quality data to define drill targets with maximum potential for success at the precious metal-rich VMS flagship Midas Project near Terrace, BC. This work paid off this year when Juggernaut encountered long intercepts of stockwork feeder mineralisation hosting significant sulphides, including chalcopyrite. This programme has confirmed the presence of a substantial, strong VMS system at Midas. We now eagerly await the results of this promising drill programme.”

High potential and certainty for Juggernaut through Crescat’s strategic investment

Dan Stuart, CEO and President of Juggernaut, was also very pleased with the successful completion of the first tranche of the capital increase. He said: “We are pleased to strengthen our ongoing relationships with both Crescat Capital as a strategic investor and Dr Hennigh as our special technical advisor and personal investor. We look forward to continuing to work 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. This investment and continued strategic partnership, combined with continued support and interest from other globally recognised institutions and leading mining companies, is a strong endorsement that clearly demonstrates the significant near-term discovery potential of our 100% controlled properties. Following the financing, Juggernaut will have a tight capital structure of only 77,941,760 common shares. This puts us in a good position to advance our plans for further drilling at Midas, Empire and Bingo. We look forward to releasing the drill results once they have been received, reviewed and interpreted by the technical team.

The proceeds from this financing will be applied to an option payment due in relation to Bingo on 30 December 2023. The Bingo project is located in close proximity to Juggernaut’s sister company Goliath Resources and its Surebet discovery. Bingo contains the same world-class geological units, including the Hazelton Volcanics and associated sediments and intrusions.