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Contango ORE Announces HighGold Mining Shareholder Approval of Arrangement
FAIRBANKS, Alaska / Jun 28, 2024 / Business Wire / Contango ORE, Inc. (“Contango” or the “Company”) (NYSE American: CTGO) is pleased to announce that HighGold M
About this update from Contango Silver & Gold Inc.
[{"type":"text","content":"FAIRBANKS, Alaska / Jun 28, 2024 / Business Wire / Contango ORE, Inc. (“Contango” or the “Company”) (NYSE American: CTGO) is pleased to announce that HighGold Mining Inc. (“HighGold”) shareholders (the “HighGold Shareholders”) and optionholders of HighGold (collectively, the “HighGold Securityholders”) have overwhelmingly approved the previously announced arrangement (the “Arrangement”) involving HighGold and the Company at HighGold’s special meeting (the “Meeting”) held on June 27, 2024. At the Meeting, the special resolution approving the Arrangement was approved by 93.7% of the HighGold Shareholders and 94.4% of the HighGold Securityholders voting as a single class, and 93.6% of the HighGold Shareholders, excluding votes required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. Accordingly, the HighGold Securityholder approval required to proceed with the Arrangement has been obtained. HighGold will seek a final order approving the Arrangement from the Supreme Court of British Columbia on July 2, 2024. Subject to the satisfaction of certain customary closing conditions, the parties currently expect the closing of this acquisition to complete on or around July 9, 2024. Rick Van Nieuwenhuyse, CEO and President for Contango commented: “We are pleased to have this transaction overwhelmingly approved by the HighGold Securityholders as we believe the combination of HighGold and Contango makes a tremendous amount of strategic sense. The Johnson Tract acquisition increases Contango’s currently outlined resources three-fold. The private land ownership by CIRI, an Alaska Native Corporation, the high-quality deposit (+1 million gold equivalent ounces (“GEO”) averaging 9.4 grams per tonne GEO1 over 40 meters (130 ft) wide), and proximity to tidewater all meet our criteria to be developed as a run-of-mine, direct shipped ore operation. When combined with our Manh Choh and Lucky Shot projects, Johnson Tract represents the third leg of the stool for solid production growth.” “We are working closely with the HighGold team to commence a $3 million surface exploration drilling program this summer to complete 3,000 meters of core drilling focused on in-fill drilling the roughly 1 million ounce Johnson Tract resource. The main purpose of the program is to gather more inf...