Comstock Inc. Files 8-K for Material Agreement

TL;DR

Comstock Inc. signed a big deal for its Lode Project, filing the news today.

AI Summary

On April 19, 2024, Comstock Inc. entered into a material definitive agreement related to its Lode Project. The filing also includes financial statements and exhibits, with the report being filed on April 24, 2024.

Why It Matters

This filing indicates a significant development in Comstock Inc.'s Lode Project, potentially impacting its future operations and financial standing.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities, and the specifics of this agreement are not detailed in the provided summary.

Key Players & Entities

• Comstock Inc. (company) — Registrant
• April 19, 2024 (date) — Date of earliest event reported
• April 24, 2024 (date) — Filing date
• Lode Project (project) — Subject of the material agreement

FAQ

Key Financial Figures

• $0.000666 — ich registered Common Stock, par value $0.000666 per share LODE NYSE American Indicate
• $250,000 — Fuel Notes") in the principal amount of $250,000 each, up to an aggregate principal amou
• $3,000,000 — up to an aggregate principal amount of $3,000,000. The RenFuel Notes bear a per annum i
• $30,000,000 — deemed to be equal to the lower of (i) $30,000,000, or (ii) the post-money valuation used

Filing Documents

• lode-20240419.htm (8-K) — 32KB
• exhibit101-renfuelsecuriti.htm (EX-10.1) — 169KB
• exhibit991-pressreleaseren.htm (EX-99.1) — 22KB
• comstocklogoblacka.jpg (GRAPHIC) — 3KB
• 0001120970-24-000036.txt ( ) — 386KB
• lode-20240419.xsd (EX-101.SCH) — 2KB
• lode-20240419_lab.xml (EX-101.LAB) — 21KB
• lode-20240419_pre.xml (EX-101.PRE) — 12KB
• lode-20240419_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On April 19, 2024, Comstock Inc. (the "Company") entered into a securities purchase agreement (the "RenFuel Securities Purchase Agreement") with Ren Fuel K2B AB ("RenFuel"), whereby RenFuel issued to the Company twelve tranches of 7% Senior Secured Convertible Notes (collectively, the "RenFuel Notes") in the principal amount of $250,000 each, up to an aggregate principal amount of $3,000,000. The RenFuel Notes bear a per annum interest rate of 7% and a maturity date of April 30, 2034. All outstanding principal and accrued interest may not be prepaid in whole or in part at any time prior to the maturity date without the prior written consent of the Company. The RenFuel Notes are secured by (i) a first priority lien on all material assets of RenFuel and RenFuel K2B Ipco AB, a wholly owned subsidiary of RenFuel ("SPV"), (ii) a first priority security interest on 100% of the issued and outstanding equity of SPV, and (iii) a first priority security interest on 100% of SPV's now and hereafter existing assets. The RenFuel Notes are convertible, in whole or in part, into shares of common stock of RenFuel, in an amount based on a post-money valuation of RenFuel, which amount shall be deemed to be equal to the lower of (i) $30,000,000, or (ii) the post-money valuation used as the basis for determining the per share purchase price in RenFuel's then most recent offering. In any event, the conversion price may not be lower than SEK 300 for each share of common stock. The foregoing description of the RenFuel Securities Purchase Agreement is qualified in its entirety by reference to the full text of the RenFuel Securities Purchase Agreement, a copy of which is filed as Exhibit 10.1, to this Current Report on Form 8-K and incorporated herein by reference. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits 10.1 RenFuel Securities Purchase Agreement (portions of the exhibit have been omitted) 99.1 Press Release 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. COMSTOCK INC. Date: April 24, 2024 By: /s/ Corrado De Gasperis Corrado De Gasperis Executive Chairman and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR