---
schema_version: "secwatch.filing_event.v1"
accession: "0001120970-23-000097"
form_type: "8-K"
ticker: "LODE"
cik: "0001120970"
company_name: "Comstock Inc."
filed_at: "2023-12-27T23:59:59+00:00"
generated_at: "2026-06-07T06:45:15.777077+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Comstock enters $5M convertible note financing with Kips Bay Select LP, 8% interest, 15-month maturity

## Summary
- 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.

## SEC filing metadata
- accession: 0001120970-23-000097
- form_type: 8-K
- ticker: LODE
- cik: 0001120970
- company_name: Comstock Inc.
- filed_at: 2023-12-27T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1120970/000112097023000097/0001120970-23-000097-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1120970/000112097023000097/lode-20231227.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001120970-23-000097
- JSON: https://secwatch.observer/filing/0001120970-23-000097.json
- Plain text: https://secwatch.observer/filing/0001120970-23-000097.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1120970/000112097023000097/0001120970-23-000097-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1120970/000112097023000097/0001120970-23-000097-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.