Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today
announced the receipt of an additional $7 million toward the sale
of the LINICO Battery Recycling Facility (the “Facility”) to
American Battery Technology Company, a Nevada corporation (“ABTC”),
bringing total cash received to date to $18 million of the $27.6
million purchase price. Comstock has successfully completed the
purchase of Facility and is now scheduled to receive the remaining
net proceeds of over $8 million dollars over the next three months,
with $3 million due in the next two weeks.
“We are thrilled with accomplishing a majority
of the critical milestones related to this transaction. The sale of
this asset became strategic once we secured our permitted 200-acre
battery metal storage facility in Mound House, Nevada, and expanded
our metals recycling business into photovoltaics and other
electronic devices, in addition to lithium-ion batteries,” stated
Mr. Corrado De Gasperis, Comstock’s executive chairman and chief
executive officer. “We have already received $6 million in net
proceeds after the purchase of the building, with another $3
million due next week and over $5 million in additional proceeds to
be received in the next few months. We are now very well positioned
to well exceed our $30 million asset sale target for this
year.”
Overall, ABTC will pay $27.6 million for the
2500 Peru building and related assets, of which $18 million in cash
and 10 million restricted shares of ABTC common stock has been
received as of April 21, 2023. The Company is entitled to receive
an additional $3.0 million in cash on or before May 12, 2023. After
the Company’s payment of $12.0 million to AQMS for Facility
purchase and $1.5 million in escrow related to environmental
liabilities, the Company expects to net over $14.0 million in cash
from this transaction.
As previously contemplated in the First Amended
and Restated Agreement, the Shares will be registered for resale
pursuant to a registration statement on Form S-3 filed with the
U.S. Securities and Exchange Commission by ABTC.
About ComstockComstock (NYSE:
LODE) commercializes innovative technologies that contribute to
global decarbonization by efficiently converting under-utilized
natural resources, primarily, woody biomass into net zero renewable
fuels, end of life metal extraction, and generative AI-enabled
advanced materials synthesis and mineral discovery.
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 market conditions; future explorations or
acquisitions; future changes in our research, development and
exploration activities; future financial, natural, and social
gains; future prices and sales of, and demand for, our products and
services; land entitlements and uses; permits; production capacity
and operations; operating and overhead costs; future capital
expenditures and their impact on us; operational and management
changes (including changes in the Board of Directors); changes in
business strategies, planning and tactics; future employment and
contributions of personnel, including consultants; future land and
asset sales; investments, acquisitions, joint ventures, strategic
alliances, business combinations, operational, tax, financial and
restructuring initiatives, including the nature, timing and
accounting for restructuring charges, derivative assets and
liabilities and the impact thereof; contingencies; litigation,
administrative or arbitration proceedings; environmental compliance
and changes in the regulatory environment; offerings, limitations
on sales or offering of equity or debt securities, including asset
sales and associated costs; business opportunities, growth rates,
future working capital, needs, revenues, variable costs, throughput
rates, operating expenses, debt levels, cash flows, margins, taxes
and earnings. These statements are based on assumptions and
assessments made by our management in light of their experience and
their perception of historical and current trends, current
conditions, possible future developments and other factors they
believe to be appropriate. Forward-looking statements are not
guarantees, representations or warranties and are subject to risks
and uncertainties, many of which are unforeseeable and beyond our
control and could cause actual results, developments, and business
decisions to differ materially from those contemplated by such
forward-looking statements. Some of those risks and uncertainties
include the risk factors set forth in our filings with the SEC and
the following: adverse effects of climate changes or natural
disasters; adverse effects of global or regional pandemic disease
spread or other crises; global economic and capital market
uncertainties; the speculative nature of gold or mineral
exploration, and lithium, nickel and cobalt recycling, including
risks of diminishing quantities or grades of qualified resources;
operational or technical difficulties in connection with
exploration, metal recycling, processing or mining activities;
costs, hazards and uncertainties associated with precious and other
metal based activities, including environmentally friendly and
economically enhancing clean mining and processing technologies,
precious metal exploration, resource development, economic
feasibility assessment and cash generating mineral production;
costs, hazards and uncertainties associated with metal recycling,
processing or mining activities; contests over our title to
properties; potential dilution to our stockholders from our stock
issuances, recapitalization and balance sheet restructuring
activities; potential inability to comply with applicable
government regulations or law; adoption of or changes in
legislation or regulations adversely affecting our businesses;
permitting constraints or delays; challenges to, or potential
inability to, achieve the benefits of business opportunities that
may be presented to, or pursued by, us, including those involving
battery technology and efficacy, quantum computing and generative
artificial intelligence supported advanced materials development,
development of cellulosic technology in bio-fuels and related
material production; commercialization of cellulosic technology in
bio-fuels and generative artificial intelligence development
services; ability to successfully identify, finance, complete and
integrate acquisitions, joint ventures, strategic alliances,
business combinations, asset sales, and investments that we may be
party to in the future; changes in the United States or other
monetary or fiscal policies or regulations; interruptions in our
production capabilities due to capital constraints; equipment
failures; fluctuation of prices for gold or certain other
commodities (such as silver, zinc, lithium, nickel, cobalt,
cyanide, water, diesel, gasoline and alternative fuels and
electricity); changes in generally accepted accounting principles;
adverse effects of war, mass shooting, terrorism and geopolitical
events; potential inability to implement our business strategies;
potential inability to grow revenues; potential inability to
attract and retain key personnel; interruptions in delivery of
critical supplies, equipment and raw materials due to credit or
other limitations imposed by vendors; assertion of claims, lawsuits
and proceedings against us; potential inability to satisfy debt and
lease obligations; potential inability to maintain an effective
system of internal controls over financial reporting; potential
inability or failure to timely file periodic reports with the
Securities and Exchange Commission; potential inability to list our
securities on any securities exchange or market or maintain the
listing of our securities; and work stoppages or other labor
difficulties. Occurrence of such events or circumstances could have
a material adverse effect on our business, financial condition,
results of operations or cash flows, or the market price of our
securities. All subsequent written and oral forward-looking
statements by or attributable to us or persons acting on our behalf
are expressly qualified in their entirety by these factors. 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.
Neither this press release nor any related calls or discussions
constitutes an offer to sell, the solicitation of an offer to buy
or a recommendation with respect to any securities of the Company,
the fund, or any other issuer.
Contact Information:
Investor RelationsRB Milestone GroupTel (203)
487-2759ir@comstockinc.com
MediaZach SpencerComstock Inc.Tel (775)
847-7532questions@comstockinc.com
Source: Comstock Inc.
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