Contango ORE, Inc. announced the pricing of an underwritten public offering, consisting of 1,975,000 shares of its common stock at $20.00 per share and 525,000 pre-funded warrants at $19.99 per share. The aggregate gross proceeds from the offering are approximately $50 million.
The company intends to use the net proceeds to advance its fully permitted Lucky Shot project towards a mine production decision over the next two years, through underground and surface-based drilling and development work.
Proceeds will also be allocated to the Johnson Tract project, subject to permits, for road construction, camp winterization, starting an exploration tunnel for advanced drilling, and completing a feasibility-level mine plan. Any remaining funds will be used for general corporate purposes and working capital.
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