Core Viewpoint - Contango ORE, Inc. has successfully closed a $50 million underwritten offering of common stock and pre-funded warrants, aimed at financing strategic initiatives including the buyback of gold hedge contracts and general corporate purposes [1][2]. Group 1: Offering Details - The offering consisted of 1,678,206 shares priced at $24.96 each and included pre-funded warrants for 325,000 shares at $24.95 each, resulting in aggregate gross proceeds of approximately $50 million before expenses [1]. - The company plans to allocate around $45 million of the net proceeds to repurchase gold hedge contracts and approximately $700,000 for gold put contracts to provide downside protection [1]. Group 2: Company Background - Contango ORE is engaged in the exploration and development of gold and associated minerals in Alaska, holding a 30% interest in Peak Gold, LLC, which manages approximately 675,000 acres for exploration [1]. - The company also has leases on multiple projects, including the Johnson Tract and Lucky Shot projects, and holds interests in additional mining claims in Alaska [1].