Comstock Inc (LODE)

[harpe5368]

I been thinking by now, where would we be if the collaboration between LODE, and ITRO a few years back would of moved forward. With both companies right there in Reno NV, USA... MCU Philippines, What where they thinking ?

[jobynimble]

https://www.globenewswire.com/news-release/2023/03/14/2626429/0/en/Comstock-Fuels-Presenting-at-the-2023-Advanced-Bioeconomy-Leadership-Conference.html

[jobynimble]

https://www.globenewswire.com/en/news-release/2023/03/09/2623859/0/en/Comstock-Announces-Notice-of-2022-Year-End-Webcast.html

Comstock Announces Notice of 2022 Year End Webcast
March 09, 2023 06:45 ET | Source: Comstock Mining Inc.

VIRGINIA CITY, Nev., March 09, 2023 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” or the “Company”) today announced that it will host a conference call on Thursday, March 16, 2023, at 1:15 p.m. Pacific Daylight Time (4:15 p.m. Eastern Daylight Time) to report its 2022 year end results and business update. The webcast will include a moderated question and answer session after the Company’s prepared remarks. Please click the link below to register in advance and please join the event at least 10 minutes prior to the scheduled start time.

Once registered, you will receive a confirmation email containing information about joining the Webcast.

March 16, 2023, 1:15 PM Pacific Daylight Time / 4:15 PM Eastern Daylight Time (US and Canada)

Topic: Comstock’s Year End 2022 Results and Business Update

Please click here to register in advance for this webcast.

About Comstock

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon and through the deployment of more advanced mineral and material discovery technologies. To learn more, please visit www.comstock.inc.

[jobynimble]

https://www.globenewswire.com/en/news-release/2023/03/07/2621811/0/en/Comstock-Metals-Recycling-Subsidiary-Sells-Facility-for-27-Million.html

[jobynimble]

https://www.globenewswire.com/en/news-release/2023/03/02/2619074/0/en/Comstock-Expands-Leadership-for-Li-Ion-Battery-Recycling.html

[wickerman]

$LODE unknown AI company that owns almost half of GenMat which will be on SpaceX which will get crazy hype at the end of 2023 when they launch the Falcon 9. Why it's bleeding on low volume right now I can't fathom(my theory is it's just the horrible microcap market in general) but I predict fairly soon this will be pumped like no tomorrow maybe to $2 or $3 bucks when people figure it out. Also that registration statement is nothing but considering this POS stock market was shorted anyways.

"During 2021 and 2022, we completed a series of transactions that were designed to build on our competencies and position us to address and capitalize on the global transition to clean energy. Those transactions primarily included (i) our option to sell Comstock Mining LLC, the owner of our Lucerne resource area in Storey County, Nevada, and related permits, (ii) our acquisitions of 100% of Comstock Innovations Corporation (F/K/A Plain Sight Innovations Corporation), 100% of Comstock Engineering Corporation (F/K/A Renewable Process Solutions, Inc.), 88.99% of LINICO Corporation, and (iii) our purchase of 48.19% of Quantum Generative Materials LLC ("GenMat") and other investments. Collectively, these transactions added the management, employees, facilities, intellectual properties, and other assets we needed to restructure and transform our Company and business into an emerging leader in the innovation and sustainable production of renewable energy products, including cellulosic fuels and electrification metals. Additional information on these transactions is provided in Note 2, Acquisitions and Investments."

https://www.sec.gov/ix?doc=/Archives/edgar/data/1120970/000112097022000078/lode-20220930.htm#i01e09bc406f24df386994eadf0edd69f_25

https://www.genmat.xyz/

This article from 2021 has it right and this was before they acquired GenMat.
https://seekingalpha.com/article/4423977-comstock-mining-lode-of-gold-waiting-to-be-grabbed

Undervalued "GOLD MINE" with the GOLD or without the GOLD.

[MasterBlastr]

Sounds like death spiral financing to me. Got a whiff of KK around it.

[jobynimble]

Prospectus filing: https://www.sec.gov/Archives/edgar/data/1120970/000112097023000004/comstock-prospectussupplem.htm

We have entered into an equity purchase agreement dated February 13, 2023, with Leviston Resources LLC, (including any designee(s) thereof, the "Investor"), relating to shares of our common stock offered by this prospectus supplement and the accompanying prospectus. In accordance with the terms of such agreement, we may offer and sell shares of our common stock with a maximum offering size, in the aggregate, of up to $5,000,000 to the Investor.

Our common stock is listed on the NYSE American under the symbol “LODE.” The last reported sale price of our common stock on the NYSE American on February 10, 2023 was $0.42 per share.

Sales of our common stock, if any, under this prospectus supplement and the accompanying prospectus may be made in sales deemed to be “at-the-market” equity offerings as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, or the Securities Act, at a discount of 10.0% to the lowest intra-day reported sales price of the common stock on the date that the Investor receives a capital call from the Company.

We estimate that the total gross proceeds from this offering will be approximately $5,000,000. We estimate the total expenses of this offering, excluding the discount to the Investor, will be $15,000. In consideration of the Investor’s agreement to enter the equity purchase agreement, we agreed to deliver additional shares of our common stock with value of $350,000 to the Investor, for no additional consideration, on the first settlement date with respect to a put notice delivered by the Company. We also agreed to provide “most favored nation” status to the Investor with respect to other equity offerings conducted within five trading days of a sale under the equity purchase agreement. The Investor may be deemed to be an “underwriter” within the meaning of the Securities Act and the compensation and discounts received by the Investor will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution with respect to certain liabilities, including liabilities under the Securities Act.

Click above link to read the full filing…

[bistouriman]

This one is a very very

Good news for a lot of reasons.

Step by step

[bistouriman]

Probably not … I read the news and

I must admit not a revolution. They just obtained 2M to develop their technology not yet good. And I admit … maybe never good. But I suppose the authorities don’t give money if behind you don’t have a good think almost ready to go away. But fundamentally nothing changed. The proof on the graph today. Just like ECG of my heart.

[jobynimble]

Technology Unlocks Massive New Feedstock Model to Rapidly Neutralize America’s Transportation Emissions

VIRGINIA CITY, Nev., Jan. 26, 2023 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the award by the U.S. Department of Energy (“DOE”) of Comstock’s $2,000,000 grant application to build a pre-pilot scale system to demonstrate one of Comstock’s unique new pathways to produce renewable diesel, sustainable aviation fuel, gasoline, and marine fuel from forestry residues and other forms of lignocellulosic biomass at dramatically improved yield, efficiency and cost in comparison to known methods.

Comstock’s technologies efficiently crack wood into a purified Cellulosic Sugar and a unique “Bioleum” hydrocarbon mixture with about 75% of the energy content of fossil crude. Together, the two streams provide the basis for an entirely new renewable fuel feedstock model with best-in-class conversion yields, efficiencies, and costs.

Cellulosic Sugar and Bioleum can be used in multiple renewable fuel production pathways, however, the DOE’s grant award is based on a unique new pathway involving fermentation of Cellulosic Sugar into lipids, reacting the lipids with Bioleum to produce a single homogenous feedstock, and converting the homogenous feedstock into drop-in renewable fuels at extraordinary yields exceeding 80 gallons per dry ton of feedstock on a gasoline gallon equivalent basis (“GGE”).

Comstock has assembled a world-class team of collaborators, including Haldor Topsoe Holding A/S, Marathon Petroleum Company LP, Novozymes A/S, Xylome Corporation, RenFuel K2B AB, Emerging Fuels Technology Inc., the University of Nevada Reno, the University of Minnesota Duluth’s Natural Resources Research Institute, and the State University of New York’s College of Environmental Science and Forestry.

“Comstock is enabling an extremely valuable new “soil to oil” ecosystem based on the sustainable growth and monetization of a massive, widely available, highly scalable, and rapidly replenishable new feedstock source for renewable fuels,” said Corrado De Gasperis, Comstock’s Executive Chairman and Chief Executive Officer. “That ecosystem will leverage existing infrastructure to neutralize mobility emissions, create thousands of high-quality jobs, invigorate America’s rural communities, and advance the Biden Administration’s 2050 objectives.”

“This is a remarkable opportunity to work with an extraordinary team of collaborators to demonstrate that the U.S. can sustain an immensely profitable new net zero balance between the Earth’s living systems and mobility emissions,” De Gasperis continued, “We are grateful for the DOE’s recognition of our technology and the strong support of renewable fuels from our Nevada representatives U.S. Senators Catherine Cortez Masto and Jacky Rosen and U.S. Congressman Mark Amodei.”

“Nevada is a hotspot for clean energy, and the federal funding I secured will help bring another innovative biofuel producer online in northern Nevada,” said Senator Cortez Masto. “I’ll continue to work to support Nevada’s position as a leader in clean-energy industries that are creating good-paying jobs and growing our state’s economy.”

“As a renewable energy source, biofuels are a critical part of our efforts to grow and strengthen our clean energy economy,” said Senator Rosen. “I’m proud to have helped secure this funding to incentivize more biofuel manufacturing in our state, which will help lower prices, improve our environment, and create more jobs in northern Nevada.”

“Congrats to Comstock and their team. Nice to see their hard work rewarded,” said Congressman Amodei.

[MasterBlastr]

Looks like they are going to retest .25

[jobynimble]

https://www.globenewswire.com/en/news-release/2023/01/26/2596415/0/en/Comstock-Awarded-DOE-Grant-for-Breakthrough-Cellulosic-Fuels-Process.html

[bistouriman]

Big volume ! What’s going on !???

[bistouriman]

Good volume today and

0.50 kept ! The next week will be very important with the conference on Vancouver.

Tomorrow also with statistics about job and inflation.

Wait and see … but if we don’t keep 0.50 it will be 0.35. If we put over 0.60, maybe 1 dollars quickly.

Wait and see …

[bistouriman]

Very big purchase on the close !

This one is very often very good for the future… we will see …

[1hot toddy]

THIS IS LODES YEAR. CO KILLING IT ON ALL FRONTS. GOLD, SILVER AND HOT RECYCLING $$$$$$$

[1hot toddy]

LODE EMPLOYEES INCL CEO GET 2ND HALF OF BIG BONUS AT 12.50

ceo thought year ago stock worth $20

[bistouriman]

Very good job ! I think the

Next conférence on Vancouver will be very very important. Developments with Genmat are very impressing. And more, they will discussed with professional investors.

I think the drop today is just technic on bad markets. A come back on 35/40 is likely.

No problem, I think 2023 will be a very good year and especially the second semester.

[Eldeano57]

Impressive

[Nepatrader]

thanks for the info

[datfusion]

I have been remapping this whole relationship structure, if I have anything wrong someone can reply to update.

- AQMS recycled Lead batteries and wants to get into Lithium battery recycling.
- AQMS owned a separate industrial building where they were preparing to expand Lead battery recycling (?)

- LiNiCO owns 20% of Green Li-Ion and has access to its LiB recycling technology.

- GenMat is doing quantum computing focused on material sciences with one very specific application being the development of a next generation of LiB batteries.

- And LODE wants to change the world and has enough means to maybe pull it off.
- LODE buys 90% of LiNiCO
- AQMS buys 10% of LiNiCO
- AQMS lease-for-sale's the building to LiNiCO (still in progress, about $3 million in).

- LODE makes significant investment into GenMat for 45-50% ownership, and I don't know if I'm up-to-date on this.
- LODE renovates the LiNiCO building, working on permitting and final investments so LiNiCO can fully own the building.
- LODE buys large industrial property for battery storage.
- LODE works with AQMS to test the technology in another building that AQMS owns and is apparently permitted in the mean time (?)
- LODE working on feed stock contracts for sourcing batteries.
- LODE/AQMS working on who to sell batteries too?

- High Speculation: Dragonfly bought by Chardan NexTech wants to build a LiB battery gigafactory, Dragonfly was mentioned on a presentation from AQMS, maybe they will want to buy from LiNiCO?
- High Speculation: There are many other unnamed customers suggested on this particular AQMS presentation.

Source: Mostly PR's from all these companies and what people on Stocktwits looked into.

[phx85]

2023 Vancouver Resource Investment Conference

"Mr. De Gasperis will also be joined by Mr. Deep Prasad, CEO of Quantum Generative Materials LLC (“GenMat”), Comstock’s strategic investee and mineral resource discovery and development partner.

GenMat is accelerating the commercialization of disruptive, AI generated materials with the help of quantum-probabilistic software solutions that integrate specific, proprietary, hyperspectral technology solutions that (a) increase certainty in mineral discovery targets, (b) reduce costs of traditional drill programs, with ground penetrating scans and analytics, and (c) increase discernment for categorizing measured, indicated, and inferred mineral resources."

[MasterBlastr]

No.

[Nepatrader]

is this company a subsidiary of AQMS?

[bistouriman]

It smells very very good here !

[bistouriman]

Very good pump since

The start of the year. Probably many fiscal sells end of December. Here we fail exactly on the MA200 and it’s absolutely normal.

Today is a very important day after CPI. However I fear that even if the CPI is very good, we could fall because the rising since the January 2nd is very very important. We just need to have a RSI COME back under 70 , around 60 before to take back the rising.

Without forget we just have to one or two good news from the Direction to push the stock easily over the 1USD. Like a permit to work in Nevada, like a contract for Bioleum, like something else.

Just to be patient…

Good luck

[TechandBio]

I added a handful of new positions I was looking to enter end in Dec 2022

[MasterBlastr]

So did you dump out, wait to load for the next flip?

[TechandBio]

Loaded the 30's end of the last year not exactly the bottom but close enough.

Gold, Silver and much much more.

$LODE

[1hot toddy]

4/1 BUY VS SELLS. BABY MONSTER HERE UP UP AND AWAY

12.50 HERE WE COME $$$$$$$$$$$$$

[1hot toddy]

STOCK OF THE YEAR RIGHT HERE$$ EMPLOYEES GET 2ND HALF OF BONUS AT 12.50

co thinks stock worth over $20. this is LODES YEAR $$$$$$$$$$$$$$$$

[bistouriman]

Probably not shortly …

[MasterBlastr]

LOL sounds like KK's hash oil machine . . . again . . .

[jobynimble]

Comstock Technology Produces Circular Renewable Fuels

Technology Unlocks Massive New Feedstock Model to Neutralize America’s Transportation Emissions

January 09, 2023 17:22 ET | Source: Comstock Mining Inc.

VIRGINIA CITY, Nev., Jan. 09, 2023 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the demonstration of breakthrough cellulosic fuels pathways to produce renewable diesel, marine, sustainable aviation fuel (“SAF”) and gasoline from woody biomass at dramatically improved yield, efficiency, and cost in comparison to all known methods, thereby enabling a massive new renewable fuels feedstock capable of neutralizing more than 40% of America’s mobility emissions well before 2050.

Fuel Plantations

Renewable fuels provide a critical opportunity for decarbonization, however, most of the existing U.S. renewable fuel refineries draw from the same limited pool of constrained feedstocks. Comstock technologies resolve that constraint by unlocking abundant woody biomass feedstocks that are not used today and leverage the Earth’s natural carbon cycle and create extraordinary financial incentives for the entire ecosystem to shift away from releasing long cycle fossil carbon to recycling short cycle renewable carbon – to burning “carbon-neutral fuels” in balance with growing more feedstock.

“There is an abundance of wasted and unused forestry and sawmill residues available now to start impacting this dramatic decarbonization and we will also use our technologies to enable an extremely valuable new “soil to oil” ecosystem that uses vast new “fuel plantations” to capture and use carbon dioxide to produce massive amounts of highly scalable and rapidly replenishable renewable fuels feedstocks,” said Corrado De Gasperis, Comstock’s Executive Chairman and Chief Executive Officer. “By unlocking woody biomass, now and in the future, for use in producing drop-in renewable fuels, including for the difficult to decarbonize long haul trucking and aviation sectors, Comstock’s technologies demonstrate that the U.S. can strike and sustain an immensely profitable new net zero balance between the Earth’s living systems and domestic mobility emissions.”

The Department of Energy’s National Renewable Energy Lab has published estimates that the U.S. produces upwards of 100 million tons per year of sawmill and forestry residuals alone. That readily available biomass is sufficient to produce more than 8 billion gallons per year (“BGY”) of drop-in fuels by utilizing Comstock’s technology. Further, just 140 million acres of short rotation trees, such as bamboo, willow and hybrid poplar, would yield enough feedstock biomass to permanently neutralize 40% of America’s mobility emissions with Comstock’s cellulosic fuels processes.

Shovel Ready

Based on current performance data, Comstock projects best-in-class renewable fuel yields exceeding 80 gallons per dry ton (on a gasoline gallon equivalent basis), with lifecycle greenhouse gas emissions reductions well exceeding 80% over petroleum.

By unlocking a massive new sustainable feedstock source, Comstock’s proposed pathway is capable of squarely addressing the goals and objectives of the Biden Administration while creating high-quality jobs, invigorating America’s rural communities, and making a material contribution to achieving the Biden Administration’s objective of delivering net-zero emissions by 2050.

About Comstock Inc.
Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complementary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Full release: https://www.globenewswire.com/en/news-release/2023/01/09/2585730/0/en/Comstock-Technology-Produces-Circular-Renewable-Fuels.html

[bistouriman]

Apparently, the audits

Weren’t sufficient to obtain money …

“
William Hunter, Interim CEO said: "Completion of Tonogold's 2019 and 2020 audits represents a strong vote of confidence in the Company's financial track record. Receipt of these financial statements will increase Tonogold's access to additional sources of capital needed to refocus on drilling and exploration in the district."

[MasterBlastr]

So Tonogold didn't want the properties for some unbelievably strange reason. And it reverts back to Comstock. I guess they are stuck with them now.

[jobynimble]

https://www.globenewswire.com/en/news-release/2023/01/05/2583486/0/en/Comstock-Announces-Historic-World-Class-District-Consolidation.html

[bistouriman]

The SMA50 is not far … just need good news.

[bistouriman]

We just need to close above .30 usd

[bistouriman]

It appears sure Comstock

Is in the hands of shorters … we just need to pop the 30 /31 and boum, a lot sells on 28,9

No problem … they will have to buy later and if good news , the pump will bigger …

[bistouriman]

I must admit to do

New debt is curious. Especially if you are near to produce revenues. Therefore, debt is very low compared to assets. I think first next quarter brings a lot of money to start revenues in 2023.

The RSI is under 30 and I confirm the next target on .25 usd knowing we touched .28 in November 2019. I believe also on a turnover on the markets for the second quarter 2023. And before next June, I won’t decrease my position.

Just waiting better on it and on the global market.

Didier

[MasterBlastr]

So $3+ million of fresh convertible debt. Don't spend it all in one place, but I am sure it will funnel back into KK's pocket anyway. See you at .15

[jobynimble]

Prospectus supplement filing: https://www.sec.gov/Archives/edgar/data/1120970/000112097022000091/comstock-prospectussupplem.htm

PROSPECTUS SUPPLEMENT
(To Prospectus dated March 28, 2022)
_______________________________

We have entered into a securities purchase agreement dated December 16, 2022, with Ionic Ventures, LLC (including any designee(s) thereof, the “Investor”), relating to our issuance of a $3,150,000 8.0% Convertible Promissory Note due March 16, 2024 (the “Convertible Note”) and shares of our common stock that are issuable upon conversion of the Convertible Note. Comstock can redeem up to $2,000,000 of the Convertible Note for cash 30-days following closing at 110% of the Face Value, plus accrued interest. The shares offered by this prospectus supplement and the accompanying prospectus are the shares issuable upon conversion of the Convertible Note. In accordance with the terms of such agreement and the Convertible Note, we may issue up to 18,000,000 shares to the Investor upon conversion of the Convertible Note.

Our common stock is listed on the NYSE American under the symbol “LODE.” The last reported sale price of our common stock on the NYSE American on December 15, 2022 was $0.30 per share.

The Investor may be deemed to be an “underwriter” within the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended, or the Securities Act. For more information, please see the section of this prospectus supplement titled “Plan of Distribution” beginning on page S-3.

Investing in our common stock involves significant risk. Please read carefully the section entitled “Risk Factors” beginning on page S-11 of this prospectus supplement.

Neither the Securities and Exchange Commission (the “Commission”) nor any state securities commission has approved or disapproved of the common stock or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The date of this prospectus is December 16, 2022.

[jobynimble]

8-K filing: https://www.sec.gov/ix?doc=/Archives/edgar/data/1120970/000112097022000093/lode-20221216.htm

Item 1.01 Entry into a Material Definitive Agreement.

On December 16, 2022, Comstock Inc. (the “Company”) has entered into a securities purchase agreement (the “Securities Purchase Agreement”) with an investor (the “Investor”), relating to the issuance of an 8.0% Convertible Promissory Note due March 16, 2024 (the “Convertible Note”).

The Convertible Note was issued with an original aggregate principal amount of $3,150,000 (the “Face Value”). The Convertible Note was issued with 5% original issue discount, meaning that the purchase price paid by the Investor for the Convertible Note was $3,000,000 pursuant to the Securities Purchase Agreement. The Convertible Note accrues interest at a per annum interest rate of 8%. The Convertible Note has a maturity date that is 15-months following closing for the Convertible Note, which was December 16, 2022. Up to $2,000,000 of the Convertible Note is redeemable for cash 30-days following closing at 110% of the Face Value, plus accrued interest.

The Convertible Note is initially convertible into common stock of the Company at a price per share of $0.50. Starting 30 days after the closing for the Convertible Note, the conversion price is equal to 90% of the average of the five (5) lowest daily volume weighted average prices of the stock during the “Measurement Period,” or 80% in the event of a default and certain other circumstances. The “Measurement Period” means the period starting on the trading day immediately after the day that the Investor receives common shares upon conversion of the Convertible Note and ending on the trading day immediately following the date upon which the aggregate dollar volume of the Company’s common stock traded on the trading market equals five (5) times the amount converted by the Investor on the relevant conversion, subject to a five (5) trading day minimum. Initially, the Company will be required to deliver 125% of the amount of common shares that would be deliverable to the Investor based on a conversion price of 80% of the closing price of the Company’s common stock on the date preceding a conversion notice. After the completion of the Measurement Period and calculation of the conversion price for each conversion, the Company and the Investor will “true up” the number of shares that either the Company is required to issue or the Investor is required to forfeit in order to reconcile the actual number of shares required to be delivered based on the calculated conversion price.

If the Convertible Note has not been fully redeemed or converted by the maturity date the Face Value of any remaining Convertible Note will increase by 15%. Upon any event of default, the interest rate increases to 15% and the Face Value increases to 115% of all amounts (principal, plus original issue discount, plus accrued interest, plus late fees or other charges).

The Convertible Note also provides adjustments that will result in additional shares issued to the Investor upon the occurrence of certain corporate actions, for example, dividends, reverse stock splits, stock splits, rights offerings, subsequent equity financing transactions, tender offers, etc. The Convertible Note also provides that the Investor is entitled to receive consideration that common shareholders receive in the event of certain “Fundamental Transactions,” as defined.

The Securities Purchase Agreement included customary representations and covenants for the sale and purchase of securities. In addition, the Securities Purchase Agreement has a covenant of the Investor not to take short positions in the Company’s stock while the Convertible Note is outstanding.

The foregoing descriptions of the Securities Purchase Agreement and the Convertible Note are qualified in their entirety by the Securities Purchase Agreement and the Convertible Note, which are incorporated herein by reference and is attached hereto as Exhibit 10.1 and Exhibit 10.2, respectively. A copy of the press release announcing the transactions described herein and other transactions of the Company is attached as Exhibit 99.1 to this Form 8-K.

[jobynimble]

https://www.globenewswire.com/en/news-release/2022/12/19/2576105/0/en/Comstock-Updates-on-Asset-Sales-Closes-on-Financing.html

VIRGINIA CITY, Nev., Dec. 19, 2022 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” or the “Company”) provided an update today on previously announced asset sales anticipated to close during the first quarter of 2023. The Company now expects more than $30 million in proceeds from the sale of certain non-mining properties and non-strategic investments, as well as collection of advances receivable. The Company is directly engaged with multiple parties and expects these transactions to close during the first quarter of 2023.

“We have made major advancements in just the past month on multiple fronts toward finalizing agreements and monetizing our non-strategic assets,” stated Mr. Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “These transactions enable our growth businesses for meaningful decarbonization.”

The Company also announced today the closing of bridge financing in anticipation of completing the transactions above, pursuant to which the Company issued an 8.0% Convertible Promissory Note due March 16, 2024 (the “Convertible Note”) to an investor (the “Investor”). The Convertible Note was issued with an original aggregate principal amount of $3,150,000 (the “Face Value”) and a 5% original issue discount, corresponding to net proceeds of $3,000,000. Up to $2,000,000 of the Convertible Note is redeemable for cash 30-days following closing at 110% of the Face Value, plus interest.

DeGasperis added: “We have secured an excellent, safe financing that ensures the consummation of our asset sales with the flexibility to manage and minimize dilution, including the ability to redeem the substantial majority of the note upon receipt of proceeds from our asset sales while we maintain our pace of business commercialization.”

The Convertible Note is initially convertible into common stock of the Company at a price per share of $0.50. Starting 30 days after the closing for the Convertible Note, the conversion price is equal to 90% of the average of the five (5) lowest daily volume weighted average prices of the stock during the “Measurement Period.” The “Measurement Period” means the period starting on the trading day immediately after the day that the Investor receives common shares upon conversion of the Convertible Note and ending on the trading day immediately following the date upon which the aggregate dollar volume of the Company’s common stock traded on the trading market equals five (5) times the amount converted by the Investor on the relevant conversion, subject to a five (5) trading day minimum.

The Securities Purchase Agreement pursuant to which the Convertible Note was issued (the “Securities Purchase Agreement”) included customary representations and covenants for the sale and purchase of securities. In addition, the Securities Purchase Agreement has a covenant of the Investor not to take short positions in the Company’s stock while the Convertible Note is outstanding.

The foregoing descriptions of the Securities Purchase Agreement and the Convertible Note are qualified in their entirety by the Securities Purchase Agreement and the Convertible Note, which are included in a recently filed Form 8-K filed with Securities and Exchange Commission (“SEC”).

[MasterBlastr]

Welcome . . .

[bistouriman]

Thank you

[MasterBlastr]

Yes. LODE on the AMEX, never really left. The AMEX was acquired by NYSE Euronext in 2008 and today it is known as the NYSE American.

[MasterBlastr]

You prove it every day, in every way! Have a good one!