08:58 AM EDT, 06/11/2024 (MT Newswires) -- Contango ORE ( CTGO ) said Tuesday it priced an underwritten public offering of 731,750 units at $20.50 per unit for gross proceeds of about $15 million.

Each unit consists of one common share and one-half of an accompanying warrant, the company said, adding that one whole warrant is exercisable in three years to purchase one common share at $26 per warrant.

Net proceeds from the offering, which is expected to close around Wednesday, will be used for general corporate purposes.

Shares of the company were down more than 20% in recent Tuesday premarket activity.

Price: 19.79, Change: -5.13, Percent Change: -20.59