Comstock Inc. (LODE): debt financing — Comstock enters $5M convertible note financing with Kips Bay Select LP, 8% interest, 15-month maturity

Comstock Inc.

Principal amount $5,263,157 purchased at $5,000,000 (5% OID); 8% annual interest; matures March 27, 2025.
Convertible into common stock at lower of 175% of 20-day VWAP or $1.00; after 60 days, 90% of lowest 10-day VWAP.
Commitment shares equal to 4.75% of principal (3% restricted + 1.75% registered) issued at no cost based on VWAP.
Up to $3M redeemable after 30 days at 110% of principal plus accrued interest.
Investor covenant not to take short positions while note outstanding.

item 1.01 item 2.03 item 3.02 item 9.01

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 convertible notes of $5,263,157 with an investor at 8% maturing March 27, 2025.

Instrument: convertible notes
Principal: $5,263,157
Counterparty: an investor
Rate: 8%
Maturity: March 27, 2025
Event: incurrence

Exact text from the filing

the issuance of an 8.0% Convertible Promissory Note due March 27, 2025 (the “Convertible Note”). The Convertible Note was issued with an original aggregate principal amount of $5,263,157 (the “Principal Amount”). The Convertible Note was issued with 5% original issue discount, meaning that the purchase price paid by the Investor for the Convertible Note was

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

Comstock Inc. entered into Securities Purchase Agreement with an investor valued at $5,263,157 (effective 2023-12-27).

Action: entry
Agreement: equity purchase
Counterparty: an investor
Value: $5,263,157
Effective: 2023-12-27

Exact text from the filing

On December 27, 2023, Comstock Inc. (the “Company”) has entered into a securities purchase agreement (the “Securities Purchase Agreement”) with an investor (the “Investor”), relating to the issuance of an 8.0% Convertible Promissory Note due March 27, 2025 (the “Convertible Note”).

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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 0001120970-23-000097

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