Contango ORE Announces Record Date and 2020 Virtual Annual Meeting Date; Results for the Quarter Ended September 30, 2020
Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced today that stockholders of record at the close of business on November 6, 2020 are entitled to notice of and vote at the 2020 virtual annual meeting of stockholders of the Company. Stockholders of the Company are invited to attend the annual meeting virtually on Friday, December 11, 2020 at 10:30 a.m., Central Time.
Stockholders will be asked to (i) elect a Board of Directors to serve until the next annual meeting of stockholders, (ii) ratify the appointment of Moss Adams LLP as the Company’s independent auditors for fiscal year 2021, (iii) approve an amendment to the Company’s Certificate of Incorporation that will increase the number of authorized shares of its common stock from 30,000,000 shares to 45,000,000 shares, (iv) ratify and approve, on a non-binding, advisory, basis, the compensation of the Company’s named executive officers, (v) vote, on a non-binding, advisory, basis, on the frequency of the advisory vote on the compensation of the Company’s named executive officers, and (vi) grant discretionary authority to the chairman of the annual meeting to adjourn the annual meeting, if necessary, to solicit additional proxies. Please refer to the Definitive Proxy that was filed with the Securities and Exchange Commission on November 9, 2020 and mailed to stockholders on or about November 11, 2020, for more details on the proposals. Stockholders of the Company may cast one vote for each share of common stock that they own as of the record date.
The Company also announced that it filed its Form 10-Q for the quarter ended September 30, 2020 with the Securities and Exchange Commission on November 13, 2020.
The Company reported a net income of $33.4 million or $5.09 per basic and diluted share for the three months ended September 30, 2020, compared to a loss of $1.9 million or $(0.29) per basic and diluted share for the same period last year. The increase is due to the gain on sale of a portion of the Company’s equity investment in Peak Gold, LLC (the “Joint Venture Company”) to an affiliate of Kinross Gold Corporation (“Kinross”) on September 30, 2020.
Rick Van Nieuwenhuyse, the Company’s President and CEO commented, “For the first time in the history of the Company, we have booked a significant profit and now have $33.0 million in cash on hand. The Company is well positioned to bring our 30% interest in the high quality Peak Gold Project to a production decision with our partners, Kinross and the Tetlin Alaska Native Tribe. We look forward to updating you on our progress.”
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