Contango Completes Acquisition of HighGold
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 10 2024
0mins
Source: Newsfilter
- Acquisition of HighGold by Contango: Contango ORE, Inc. has completed the acquisition of HighGold Mining Inc. through a court-approved plan of arrangement under the BCBCA.
- CEO's Statement: Rick Van Nieuwenhuyse, CEO of Contango, expressed plans to grow gold production using the Direct Ship Ore model and reduce environmental impact.
- Share Exchange and Board Appointment: Contango issued shares to HighGold shareholders based on an exchange ratio and appointed HighGold's CEO to its board of directors.
- Delisting and Reporting Obligations: HighGold Shares are expected to be delisted from the TSX Venture Exchange, and the company intends to cease being a reporting issuer.
- Consideration Distribution: Details on how non-registered and registered HighGold shareholders will receive the consideration for their shares post-acquisition.
Analyst Views on CTGO
Wall Street analysts forecast CTGO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CTGO is 35.00 USD with a low forecast of 35.00 USD and a high forecast of 35.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 33.100
Low
35.00
Averages
35.00
High
35.00
Current: 33.100
Low
35.00
Averages
35.00
High
35.00
About CTGO
Contango ORE, Inc. is engaged in the exploration of gold and associated minerals in Alaska. The Company holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres of land for exploration and development on the Manh Choh project, with the remaining 70% owned by KG Mining (Alaska), Inc., an indirect subsidiary of Kinross Gold Corporation, operator of the Peak Gold JV. It also has a lease on the Johnson Tract project from the underlying owner, CIRI Native Corporation, a lease on Lucky Shot project from the underlying owner, Alaska Hardrock Inc. and through its subsidiary has 100% ownership of approximately 8,600 acres of peripheral State of Alaska mining claims. It also owns a 100% interest in an additional approximately 145,000 acres of State of Alaska mining claims through its wholly owned subsidiary, which gives the Company an exclusive right to explore and develop minerals on these lands. The Company also owns Golden Zone and Amanita NE gold properties.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
