Contango ORE (CTGO) Prices 732K Unit Offering at $20.50/unit

Contango ORE, Inc. (“Contango” or the “Company”) (NYSE American: CTGO), today announced the pricing of its previously announced underwritten public offering (the “Offering”) of 731,750 units (the “Units”) of the Company at a price of $20.50 per Unit. Each Unit consists of (i) one share of the Company’s common stock and (ii) one-half of one accompanying warrant. Each whole accompanying warrant is exercisable to purchase one share of the Company’s common stock at a price of $26.00 per warrant, exercisable for a period of 36 months. The shares of common stock and warrants will be issued separately but can only be purchased together in the Offering. All of the Units in the Offering are to be sold by Contango.

Before deducting the underwriting discounts and commissions and other offering expenses, the Company expects to receive total gross proceeds of approximately $15 million. The Offering is expected to close on or about June 12, 2024, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the Offering for general corporate purposes, which may include working capital, continued exploration of the Lucky Shot Project and exploration of HighGold’s Johnson Tract, part of the HighGold acquisition that the Company anticipates closing by July 2024.

Canaccord Genuity and Cormark Securities are acting as joint book-runners for the Offering. Roth Capital Partners is acting as co-manager for the Offering.

The Offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-260511) previously filed with the U.S. Securities and Exchange Commission (“SEC”) and declared effective on November 17, 2021. The shares and the accompanying warrants may be offered only by means of a prospectus. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the Offering, which form a part of the effective registration statement, have been filed with the SEC and are available on the SEC’s website at www.sec.gov/edgar. The final terms of the Offering will be disclosed in a final prospectus supplement to be filed with the SEC. When available, copies of the final prospectus supplement and accompanying prospectus relating to the Offering may also be obtained by contacting Canaccord Genuity LLC, Attention: Syndication Department, 1 Post Office Square, 30th Floor, Boston, MA 02109, or by email at [email protected] or Cormark Securities Inc., Attention: Equity Capital Markets, Royal Bank Plaza, North Tower, Suite 1800, Toronto, Ontario, M5J 2J2, or by email at [email protected] or telephone at (416) 362-7485.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

You May Also Be Interested In