Contango ORE loses some shine after $50 mln equity raise

Shares of gold miner Contango ORE CTGO.A down 10.3% before bell to $22.20 after $50 mln equity raise

Fairbanks, Alaska-based firm says it priced offering of 2.5 mln shares, including 525,000 pre-funded warrants, to two institutional investors

Offering price of $20 is 19.2% discount to stock's last sale of $24.75 on Weds

Co says intends to use net offering proceeds to fund advancement of its fully permitted Lucky Shot project to a mine production decision over the next two years, and to advance its J ohnson Tract project

Canaccord Genuity is sole bookrunner for the offering

Co has ~12.98 mln shares outstanding as of Sept 24, per the prospectus, giving it about $320 mln market cap

CTGO shares on Weds ended up 5.3%, putting them up 147% YTD

All 5 analysts covering the stock rate it "buy" and median PT is $32, LSEG data reflects