Contango ORE Announces Closing of $30.4 Million Underwritten Public Offering of Common Stock | Contango Ore
Summary
In addition, Contango has granted the underwriters a 30-day option to purchase up to an additional 240,000 shares of common stock.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 (a joint venture between Kinross 70% and Contango 30%), 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 acted as joint book-runners for the Offering.The Offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. Copies of the final prospectus supplement and accompanying prospectus relating to the Offering may also be obtained by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Prospectus Department, or by email at syndicate@maximgrp.com or telephone at (212) 895-3745 or by contacting Freedom Capital Markets, at 40 Wall Street, 58th Floor, New York, NY 10005, or by email at EquitySyndicate@freedomcapmkts.com or telephone at (800) 786-1469.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.Contango is a NYSE American listed company that engages in exploration for gold and associated minerals in Alaska. Additional information can be found on our web page at www.contangoore.com.This press release contains forward-looking statements regarding CORE that are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995, based on COREs current expectations and includes statements regarding future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as expects, projects, anticipates, plans, estimates, potential, possible, probable, or intends, or stating that certain actions, events or results may, will, should, or could be taken, occur or be achieved). These risks include, but are not limited to: the Companys intended use of proceeds, the risks of the exploration and mining industry (for example, operational risks in exploring for, developing mineral reserves; risks and uncertainties involving geology; the speculative nature of the mining industry; the uncertainty of estimates and projections relating to future production, costs and expenses; the volatility of natural resources prices, including prices of gold and associated minerals; the existence and extent of commercially exploitable minerals in properties acquired by CORE or the Peak Gold JV; ability to realize the anticipated benefits of the Peak Gold JV; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the interpretation of exploration results and the estimation of mineral resources; the loss of key employees or consultants; health, safety and environmental risks and risks related to weather and other natural disasters); uncertainties as to the availability and cost of financing; COREs inability to retain or maintain its relative ownership interest in the Peak Gold JV; inability to realize expected value from acquisitions; inability of our management team to execute its plans to meet its goals; the extent of disruptions caused by an outbreak of disease, such as the COVID-19 pandemic; and the possibility that government policies may change, political developments may occur or governmental approvals may be delayed or withheld, including as a result of presidential and congressional elections in the U.S. or the inability to obtain mining permits. CORE does not assume any obligation to update forward-looking statements should circumstances or managements estimates or opinions change.