Contango ORE Announces Pricing Of $30.4M Underwritten Public Offering Of 1.6M Shares Of Common Stock At A Price Of $19/Share
Portfolio Pulse from Happy Mohamed
Contango ORE, Inc. (NYSE:CTGO) has priced its underwritten public offering of 1.6 million shares at $19.00 per share, expecting to raise $30.4 million. The proceeds will be used to fund its obligations to the Peak Gold JV for the Manh Choh project, exploration drilling at its Lucky Shot project, and working capital requirements. The company is now fully funded to reach production at the Manh Choh mine by the second half of 2024.
July 24, 2023 | 12:44 pm
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POSITIVE IMPACT
Contango's public offering is expected to raise $30.4 million, which will be used to fund its obligations and exploration drilling. This could potentially increase the company's stock value in the short term.
The news of Contango's public offering and its use of proceeds for funding obligations and exploration drilling is directly related to the company's operations and future prospects. This could potentially increase investor confidence and drive up the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100