- Comstock (NYSE:LODE) has retired its existing Equity Purchase Agreement and entered into a securities purchase agreement with an investor for an 8% Convertible Promissory Note due Oct. 31, 2025.
- The Convertible Note was issued with an original aggregate principal amount of $2.72M, purchased by the investor for $2.5M, reflecting an 8% original issue discount.
- A portion of the proceeds will be used to redeem $0.5M of existing convertible debt, reducing the Co.’s outstanding obligations.
- “This transaction closes out our only existing equity line and prohibits further use until this debt is substantially all repaid. The funding enables our businesses to continue commercializing on plan while being responsive to investor feedback and acting to support our stock price in the near-term,” said Corrado De Gasperis, Executive Chairman and CEO.
