Each one in plain English, with the numbers worked through for a shareholder.
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.
6 Oct 2020asset acquisition disposition▲ GoodMajor
Royal Gold exited: it sold its entire 40% Peak Gold joint-venture stake and its 11.9% Contango shareholding to Kinross Gold, which now owns 70% of the venture and operates it, while Contango sold an additional 10% down to a 30% stake for $32.4 million cash -- Kinross replaces Royal Gold as Contango's JV partner going forward.
Contango terminated its 2012 shareholder rights plan early and immediately adopted a fresh one -- a defensive poison-pill refresh coinciding with Royal Gold's sale of its 40% Manh Choh joint-venture stake and Contango shares to Kinross Gold that same month.
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.
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.
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.
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.
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.
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.
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.
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.
Contango ORE's auditor UHY was absorbed into BDO USA, which took over as the company's independent accounting firm with no disagreements over prior filings.
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.
