Contango Oil & Gas Co. said Dec. 23 it has closed its previously announced private placement of 19,000,000 shares of common stock and 2,340,000 shares of Series C preferred stock.
The Company received gross proceeds of approximately $53.35 million, which it intends to use for general corporate purposes, including capital expenditures under the Company’s concurrently announced Joint Development Agreement with Juneau Oil & Gas, LLC.
RELATED: Contango Oil & Gas Strikes JV Deal With Former Partner In US GoM
The preferred stock ranks pari passu with the Company’s common stock and which will automatically convert into common stock upon approval of the Company’s shareholders.
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