Contango ORE announces $5.6M private placement

 Contango ORE (NYSE:CTGO) announced the issuance and sale of an aggregate of 283,500 shares for $20.00 per share the company’s common stock, par value $0.01 per share entitling each purchaser to purchase shares for $25.00 per share in a private placement.

Net proceeds totaled ~$5.6M.

The company will use the net proceeds from the private placement to fund its exploration and development program and for general corporate purposes.

The company expects to complete a SK 1300 compliant technical report once a final Toll Milling Agreement between the Company and Kinross Fort Knox is signed.