VIRGINIA CITY, Nev., Aug. 15, 2022 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced that it has executed all of the closing documents on one of its three major non-mining assets, the Daney Ranch property, located near Dayton, Nevada, for a sales price of $2.7 million.
“We are pleased to close this deal and advance our monetization program. The buyer is a mining industry veteran and an outstanding neighbor. This is just one in a series of closings expected over the next 3 to 4 months, as we complete the rest of our non-mining asset sales,” said Mr. Corrado De Gasperis, Executive Chairman and CEO.
In 2020, the Company entered into an agreement with the owner of an established exploration and mine development drilling services company, to lease the properties for $9,000 per month, for up to 24 months, including the assumption of all maintenance, upgrades, and repairs. As the transaction closed within two years, about $200,000 of those lease payments were creditable to the purchase price, resulting in a net price at closing of $2.5 million. The transaction funds this week, resulting in an additional $1.5 million in cash and a $1 million secured, interest bearing note that is required to be paid off upon the sale of specific assets owned by the buyer.
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. 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.
Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future changes in our research and development; and future prices and sales of, and demand for, our products and services. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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