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Contango ORE, Inc. ("Contango," "CORE" or the "Company") (NYSE:CTGO), today announced it has commenced an underwritten public offering (the "Offering") of shares of its common stock. All of the shares of common stock in the Offering are to be sold by Contango. In addition, Contango intends to grant the underwriters in the Offering, a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the Offering. The Offering is subject to market conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.
The Company intends to use the net proceeds from the Offering to fund its contribution obligations to the Peak Gold JV for the Manh Choh project, to continue exploration drilling for potential resource expansion at its Lucky Shot project, and to fund working capital requirements.
Maxim Group LLC and Freedom Capital Markets are acting as joint book-runners for the Offering.
Posted In: CTGO
