Comstock Fuels extends deadline for RenFuel investment and biorefinery term sheet to March 31

Comstock Inc.

Term Sheet provides $3M investment in RenFuel and advances first commercial biorefinery.
New deadlines: transaction documents by March 15, 2024; closing by March 31, 2024.
Term Sheet can be terminated if closing does not occur by April 30, 2024.
Amendment does not change other terms; exclusive license for RenFuel's catalytic esterification technology remains.
Agreement is between Comstock Fuels (wholly owned subsidiary) and RenFuel K2B AB.

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. amended Term Sheet Amendment with RenFuel K2B AB (effective 2024-02-12).

Action: amendment
Agreement: collaboration
Counterparty: RenFuel K2B AB
Effective: 2024-02-12

Exact text from the filing

On February 12, 2024, Comstock Fuels and RenFuel entered into an amendment to the Term Sheet (the “Term Sheet Amendment”), whereby the parties agreed to (1) extend the deadline to finalize the transaction documents to March 15, 2024, and (2) extend the deadline to close the transactions to March 31, 2024.

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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 valued at $3,000,000 (effective 2023-12-22).

Action: entry
Agreement: collaboration
Counterparty: RenFuel K2B AB
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 0001120970-24-000009

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