Contango ORE, Inc. announced the closing of its underwritten public offering, generating approximately $50 million in aggregate gross proceeds. The offering included 1,975,000 shares of common stock at $20.00 per share and 525,000 pre-funded warrants at $19.99 per share.
The net proceeds from this financing are earmarked for the advancement of the Lucky Shot project, including underground and surface-based drilling and development work, with the goal of reaching a mine production decision within two years.
Additionally, funds will be used to progress the Johnson Tract project by mobilizing equipment for road construction, winterizing the camp for year-round operations, and initiating construction of an exploration tunnel for advanced drilling and a feasibility-level mine plan. This funding is critical for Contango's organic growth strategy.
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