Contango Shareholders Approve 250 Million Share Authorization and Dolly Varden Merger
Contango’s stockholders approved issuing shares to Dolly Varden shareholders in the pending merger and increasing authorized share capital from 45 million to 250 million shares with 84.7% approval. They also backed the 2026 Omnibus Incentive Plan with 89.99% support, based on votes from 9.98 million shares (66% turnout).
1. Special Meeting Results
Contango stockholders voted on three proposals at the Special Meeting, approving the Arrangement Proposal with 99.70% support, the Share Increase Proposal with 84.68% support, and the 2026 Omnibus Incentive Plan with 89.99% support. A total of 9,976,278 shares (approximately 66% of outstanding shares) were voted either in person or by proxy.
2. Next Steps for Merger
The Arrangement remains subject to final approval by the British Columbia Supreme Court, with a hearing scheduled for March 23, 2026. Closing of the merger is expected to follow shortly after court approval, enabling Contango to issue shares to Dolly Varden shareholders.
3. Exchangeable Shares Election
Eligible Dolly Varden shareholders must deposit a completed Letter of Transmittal and Election Form by March 24, 2026 to receive Exchangeable Shares. Failure to elect will result in receiving Contango shares by default for each Dolly Varden share held.
4. Company Overview
Contango is a NYSE American–listed precious metals exploration and development company in Alaska, holding interests in the Peak Gold joint venture and multiple leasing projects including Johnson Tract, Lucky Shot and state mining claims totaling over 185,000 acres of exploration rights.