08:54 AM EDT, 05/24/2024 (MT Newswires) -- Juggernaut Exploration ( JUGRF ) is raising $3.3 million in a private placement financing to fund a 5,000-meter drill program on the Bingo and Midas copper-gold properties in British Columbia.

The company said it has received conditional approval from the TSX Venture Exchange for the private placement.

The offering comprises 27,395,871 units priced at $0.1215 apiece. Each unit consists of one share plus one warrant exercisable at $0.14 per share for 36 months.

"Very promising results from 2023's maiden drill program confirmed strong potential for 'Surebet' style intrusive-related gold-base metal lodes at Bingo," said Quinton Hennigh, the company's technical advisor. "In addition, follow up drilling at Midas continues to demonstrate the presence of a large volcanogenic massive sulfide system in need of further work."