Comstock Announces the Sale of the Daney Ranch
August 15 2022 - 4:15PM
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.
Neither this press release nor any related call or discussion
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: |
|
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Comstock Mining Inc.P.O. Box
1118 Virginia City, NV 89440www.comstock.inc |
Corrado De GasperisExecutive
Chairman & CEOTel (775)
847-4755degasperis@comstockmining.com |
Zach SpencerDirector of
External RelationsTel (775) 847-5272
Ext.151questions@comstockmining.com |
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