Comstock Mining (LODE) Terminates $2.5M Equity Purchase Agreement
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Comstock Terminates Equity Purchase Agreement with New $2.5 Million Investment
July 19, 2024 6:00 AM EDTVIRGINIA CITY, Nev., July 19, 2024 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (Comstock and the Company) is pleased to announce it has retired its existing Equity Purchase Agreement and entered into a securities purchase agreement with an investor for an 8.0% Convertible Promissory Note due October 31, 2025 (the Convertible Note).
The Convertible Note was issued with an original aggregate principal amount of $2,717,500 (the Principal Amount), purchased by the investor for $2,500,000, reflecting an 8% original issue discount. A portion of the proceeds will be used to redeem $500,000 of existing convertible debt, reducing the Companys outstanding obligations.
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