22 Sept 2021security holder rights change● Neutral
Contango ORE extended its poison-pill rights plan by another year, routine anti-takeover housekeeping.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Aug 2021asset acquisition disposition▲ GoodMajor
Contango ORE bought the Lucky Shot gold project in Alaska from CRH Funding for $5 million cash plus a $6.25 million note, its first material asset outside the Peak Gold joint venture, with further payments due if the project hits production milestones.
21 June 2021capital raising announcement▲ Good
Contango raised about $11.0 million selling 523,809 shares at $21.00 each to continue funding exploration and development.
What it means for a shareholder
523,809 new shares at US$21.00 to raise about US$11.0m. That's 7.8% dilution: every existing holder's slice gets 7.8% smaller. If you held US$1,000 of shares (48 at the issue price), your slice goes from 0.000774% to 0.000713% of the company. To keep it you'd need 4 more shares - about US$84 at the issue price.
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6 Oct 2020asset acquisition disposition▲ GoodMajor
Kinross, through Skip Sub, bought Royal Gold's 40% Peak Gold JV stake and 809,744 Contango shares, and also bought a 30% JV interest from Contango for $32.4 million cash plus those shares, which Contango cancelled. Kinross then held 70% and became operator, while Contango kept 30%.
24 Sept 2020capital raising announcement● NeutralMajor
Contango terminated its December 2012 shareholder rights plan early, on September 23, 2020, and the same day adopted a new rights plan with an 18% ownership trigger. The new rights expire on September 22, 2021 unless extended.
21 Nov 2019security holder rights change● Neutral
Contango ORE extended its poison-pill rights plan by two years and renewed its management services agreement with Juneau Exploration (controlled by Chairman/CEO Brad Juneau), which continues to run the company's day-to-day affairs for a monthly fee.
25 Jan 2019joint venture update● Neutral
Contango ORE and Royal Gold amended the Peak Gold joint venture agreement to add tag-along and drag-along rights and define project areas -- while the company separately disclosed it was soliciting proposals for a possible sale of the whole company.
24 Sept 2018resource reserve update▲ GoodMajor
A Preliminary Economic Assessment on the Peak Gold joint venture's Tetlin properties came back positive, an early derisking milestone for the project years before it would become the Manh Choh mine.
25 Apr 2018security holder rights change● Neutral
Contango ORE lowered the ownership threshold that triggers its anti-takeover "poison pill" from 23% back to its original 15%, after joint venture partner Royal Gold disclosed it had built a stake in Contango itself.
17 Nov 2017auditor change● Neutral
Contango ORE's auditor Hein & Associates merged into Moss Adams, which took over as the company's independent accounting firm with no disagreements over prior filings.
26 Oct 2017capital raising announcement▲ Good
Contango raised about $10.5 million selling 553,672 shares at $19.00 each to continue funding its exploration and development program.
What it means for a shareholder
553,672 new shares at US$19.00 to raise about US$10.5m. That's 9.9% dilution: every existing holder's slice gets 9.9% smaller. If you held US$1,000 of shares (53 at the issue price), your slice goes from 0.00104% to 0.00094% of the company. To keep it you'd need 6 more shares - about US$114 at the issue price.
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4 Nov 2015auditor change● Neutral
Contango ORE hired Hein & Associates as its new auditor after a competitive process, replacing BDO USA.
9 Oct 2015financial restatement▼ Bad
Contango ORE restated its unaudited quarterly financials to switch to equity-method accounting for its new Peak Gold joint venture with Royal Gold, after determining Royal Gold effectively controlled the venture -- a material weakness in internal controls over complex transactions.
9 Jan 2015farm in farm out completion▲ GoodMajor
Contango ORE and Royal Gold closed the deal announced in September, forming Peak Gold LLC to hold the Tetlin properties: Contango contributed the assets for 100% of the JV, and Royal Gold can earn up to 40% by investing up to $30 million in exploration through October 2018.
18 Dec 2014security holder rights change● Neutral
Contango ORE extended its shareholder-rights "poison pill" plan by two years, routine anti-takeover housekeeping.
4 Dec 2014auditor change● Neutral
UHY LLP resigned as auditor after its Texas practice was acquired by BDO USA, and the audit committee appointed BDO on December 1, 2014. There were no disagreements with UHY and its reports carried no adverse opinions.
2 Oct 2014farm in farm out agreement▲ GoodMajor
Contango ORE agreed to bring in Royal Gold to fund exploration of its Tetlin gold properties in Alaska through a new joint venture: Royal Gold will invest an initial $5 million and can earn up to a 40% stake by funding up to $30 million by October 2018.
25 Mar 2013capital raising announcement▲ GoodMajor
Contango raised about $14.8 million selling stock-and-warrant units to fund its 2013 Alaska exploration program, and separately raised its poison-pill trigger threshold from 15% to 20% ownership.
27 Mar 2012capital raising announcement● Neutral
Contango ORE raised $8.8 million selling 882,500 shares at $10.00 each to fund its 2012 Alaska exploration program and repay short-term debt.