Contango Ore, Inc. entered into a security purchase agreement for the issuance of 117,500 shares at a price of $20 per share for gross proceeds of $2,350,000 on January 19, 2023. The company also issued warrants entitling each purchaser to purchase shares of Common Stock for $25.00 per share. The transaction included participation from certain accredited investors.

The company will incur issuance expense of $10,000 in the transaction. The company has issued securities pursuant to Regulation D in the transaction.