HOUSTON--(BUSINESS WIRE)--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced today that is has completed the sale of 553,672 shares of its Common Stock, par value $0.01 per share, at a price of $19 per share in a private placement to certain investors.
The Company will use the net proceeds of approximately $10.0 million from this offering to fund its proportionate share of its future exploration and development programs at Peak Gold, LLC, our joint venture with Royal Alaska, a wholly-owned subsidiary of Royal Gold Inc. and for the Company’s general corporate purposes. The Company has no debt and has a cash position of $14.9 million after this private placement.
The shares of Common Stock were sold in an offering that is exempt from registration under the Securities Act of 1933, as amended. The Company agreed to provide certain registration rights that will allow the purchasers to resell their shares at a future date. Petrie Partners Securities, LLC acted as the Company’s sole placement agent in connection with transaction.
About CORE
CORE is a Houston-based company that engages in the exploration in Alaska for gold and associated minerals through Peak Gold, LLC, its joint venture company with Royal Gold, Inc. Additional information can be found on our web page at www.contangoore.com.
