Comstock Mining advances asset, facility sales for $27M

On March 7, 2023, Comstock (LODE) announced that its 88.21% owned LINICO Corporation subsidiary entered into amended and restated agreements to sell certain assets for $27M, including the Battery Recycling Facility located in the Tahoe Reno Industrial Center to American Battery Technology Company (ABML). Pursuant to the terms of the LINICO agreements, $1.5M of the purchase price will be held in escrow for up to 18 months for the settlement of any potential buyer indemnification claims. On March 31, 2023, the parties amended the Facility purchase agreement, and on April 6, 2023, the parties amended and restated the Facility purchase agreement wherein the Company agreed to take certain action previously contemplated by LINICO, including purchasing the Facility prior to the sale to the buyer. On March 1, 2023, the Company received $6M from the sale of certain equipment associated with these agreements. On April 6, 2023, the Company received $5M in cash and 10 million restricted shares of ABTC stock. and will also receive an additional $10M in cash on or before April 21, 2023. The Company now expects to receive net proceeds of over $14M from these sales. The 10 million 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.