Petrie Partners was agent; common shares sold with five-year warrants
By Devika Patel
Knoxville, Tenn., March 25 - Contango Ore, Inc. completed a $14.77 million private placement of units on March 22, according to an 8-K filed Monday with the Securities and Exchange Commission. Petrie Partners Securities, LLC was the agent.
The company sold 1,230,999 units of one common share and one warrant at $12.00 per unit.
Each warrant is exercisable at $10.00 for five years. The strike price reflects an 11.11% premium to $9.00, the closing share price on March 21.
Proceeds will be used for the company's 2013 exploration program in Alaska and general corporate purposes.
The Houston-based company explores for gold, minerals and rare earth elements in Alaska.
| Issuer: | Contango Ore, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $14,771,988
|
| Shares: | 1,230,999
|
| Price: | $12.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $10.00
|
| Agent: | Petrie Partners Securities, LLC
|
| Settlement date: | March 22
|
| Stock symbol: | OTCBB: CTGO
|
| Stock price: | $9.00 at close March 21
|
| Market capitalization: | $23.3 million
|
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