Comstock's subsidiary LINICO to redeem Aqua Metals shares for $600k, consolidating ownership

Comstock Inc.

LINICO purchases 2,453 Series A pref and 500,000 common shares from Aqua Metals for $600k, payable in 12 monthly $50k installments.
Comstock guarantees LINICO's payment; after redemption LINICO becomes 100% owned by Comstock (previously 88.23%).
Aqua Metals' Steve Cotton and Judd Merrill resign from all positions at LINICO effective immediately.
LINICO's assets include 35,662 Series Seed Preferred Shares in Green Li-Ion Pte. Ltd.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Comstock Inc. entered into Stock Redemption Agreement with Aqua Metals, Inc. valued at $600,000 (effective 2023-12-19).

Action: entry
Agreement: equity purchase
Counterparty: Aqua Metals, Inc.
Value: $600,000
Effective: 2023-12-19

Exact text from the filing

On December 19, 2023, Comstock Inc. (“Comstock”), LINICO Corporation, a Nevada corporation (“LINICO”) that is 88.23% owned by the Company, and Aqua Metals, Inc., a Delaware corporation (“Aqua Metals”) entered into a Stock Redemption Agreement (the “Stock Redemption Agreement”) pursuant to which Aqua Metals agreed to sell, and LINICO agreed to purchase, 2,453 Series A preferred shares of LINICO and 500,000 common shares of LINICO in exchange for $600,000 (the “Purchase Price”).

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Source: SEC EDGAR

accession 0001120970-23-000093

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