Comstock Inc. (LODE): debt financing — Comstock secures $2.1M secured note with Alvin Fund; 1M warrants at $0.70; appoints new PAO

Comstock Inc.

Promissory note for $2.1M principal ($100K OID) from Alvin Fund LLC at 8% interest, maturing Feb 8, 2025.
Warrants to purchase 1M shares at $0.70 per share, exercisable until Nov 12, 2025; cashless exercise allowed.
Note secured by non-mining assets: Silver Springs properties; proceeds for general corporate purposes.
Matthew Bieberly appointed Principal Accounting Officer; annual salary $175,000; previously 30,000 stock options.
Default rate 12%; events of default include insolvency and failure to pay; prepayment allowed without penalty.

item 1.01 item 2.03 item 5.02 item 9.01

Executive movements

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Appointed

Matthew Bieberly

Principal Accounting Officer

LODE · Comstock Inc.

Effective: 2023-11-09
Filed: November 13, 2023, 6:59 PM ET

On November 9, 2023, the Company appointed Matthew Bieberly, as Principal Accounting Officer of the Company.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Comstock Inc. incurred loan of $2,100,000 with Alvin Fund LLC at 8% maturing February 8, 2025.

Instrument: loan
Principal: $2,100,000
Counterparty: Alvin Fund LLC
Rate: 8%
Maturity: February 8, 2025
Event: incurrence

Exact text from the filing

“Company”), entered into a secured promissory note (the “Promissory Note”) with Alvin Fund LLC, as lender (“Lender”). The Promissory Note has an aggregate principal amount of $2,100,000, which includes $100,000 original issue discount, a per annum interest rate of 8% and a maturity date of February 8, 2025. Interest is payable monthly on the Promissory Note.

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Executive change SEC 8-K Item 5.02 confidence 0.95

Matthew Bieberly was appointed as Principal Accounting Officer at Comstock Inc..

Action: appointed
Role: Principal Accounting Officer

Exact text from the filing

On November 9, 2023, the Company appointed Matthew Bieberly, as Principal Accounting Officer of the Company.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Comstock Inc. entered into Promissory Note with Alvin Fund LLC valued at aggregate principal amount of $2,100,000 (effective 2023-11-12).

Action: entry
Agreement: credit facility
Counterparty: Alvin Fund LLC
Value: aggregate principal amount of $2,100,000
Effective: 2023-11-12

Exact text from the filing

On November 12, 2023, Comstock Inc. (the “Company”), entered into a secured promissory note (the “Promissory Note”) with Alvin Fund LLC, as lender (“Lender”).

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101 debt financings filed in the last 30 days. Browse all debt financings →

Comstock Inc. filing history →

Source: SEC EDGAR

accession 0001120970-23-000088

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