Comstock enters term sheet for $3M investment in RenFuel, option to acquire majority stake in JV

Comstock Inc.

Comstock commits $3M via senior secured convertible notes in RenFuel, payable over three years.
Option to acquire majority stake in RenFuel subsidiary JVCo with preliminary engineering for 100,000 TPY biorefinery in Sweden.
Comstock holds exclusive license to RenFuel's catalytic esterification technology in Americas.
JV has offtake agreement with strategic European investor if certain thresholds are met.
Comstock's Bioleum tech yields >100 gallons/dry tonne biomass, CI score of 15.

item 1.01 item 9.01

Key facts

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

Comstock Inc. entered into Term Sheet with RenFuel K2B AB ("RenFuel") valued at $3,000,000 (effective 2023-12-22).

Action: entry
Counterparty: RenFuel K2B AB ("RenFuel")
Value: $3,000,000
Effective: 2023-12-22

Exact text from the filing

On December 22, 2023, Comstock Fuels Corporation (“Comstock Fuels”), a wholly owned subsidiary of Comstock Inc. (the “Company”), entered into a term sheet (the “Term Sheet”) with RenFuel K2B AB (“RenFuel”) to advance the Company’s first commercial biorefinery and make a strategic $3,000,000 investment in RenFuel.

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Source: SEC EDGAR

accession 0001120970-23-000098

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