Contango acquires HighGold for ~$37M in stock, adds Johnson Tract gold project

Contango Silver & Gold Inc.

Each HighGold share exchanged for 0.019 Contango shares; total equity value ~$37M (US$0.40/share).
Consideration represents 59% premium based on 20-day VWAP; HighGold shareholders to own ~15% of combined entity.
Johnson Tract adds +1M oz AuEq at ~9.4 g/t, tripling Contango's current resources; DSO model targeted.
Also acquiring Avidian Gold Alaska for $2.4M initial (cash+stock) plus up to $1M contingent; closes July 2024.
Manh Choh mine first gold pour H2 2024; combined annual production target >150k oz Au.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Contango Silver & Gold Inc. entered into Arrangement Agreement with HighGold Mining Inc. valued at total HighGold equity value of approximately $37 million (effective 2024-05-01).

Action: entry
Agreement: merger
Counterparty: HighGold Mining Inc.
Value: total HighGold equity value of approximately $37 million
Effective: 2024-05-01

Exact text from the filing

On May 1, 2024, Contango ORE, Inc. (“Contango” or the “Company”) entered into a definitive arrangement agreement (the “Arrangement Agreement”), by and among the Company, Contango Mining Canada Inc., a corporation organized under the laws of British Columbia and a wholly owned subsidiary of the Company, and HighGold Mining Inc., a corporation existing under the laws of the Province of British Columbia (“HighGold”), pursuant to which the Company intends to acquire 100% of the outstanding equity interests of HighGold (the “HighGold Acquisition”).

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308 material agreements filed in the last 30 days. Browse all material agreements →

Contango Silver & Gold Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-053495

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