Comstock invests up to $3M in RenFuel 7% convertible notes for renewable fuel tech

Comstock Inc.

Investment of up to $3M in 7% senior secured convertible notes over three years; first $350K funded.
Notes mature April 30, 2034, convertible at lower of $30M pre-money valuation or RenFuel's most recent offering.
Funds support joint development of renewable fuel technologies and a 100,000 TPY biorefinery project in Sweden.
Comstock holds exclusive license to RenFuel's catalytic esterification technology in Americas for Bioleum oil refining into SAF and renewable diesel.
Combined technologies expected to convert 1M TPY woody biomass into over 100M GGE of primarily SAF per year.

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 RenFuel Securities Purchase Agreement with Ren Fuel K2B AB (effective 2024-04-19).

Action: entry
Agreement: equity purchase
Counterparty: Ren Fuel K2B AB
Effective: 2024-04-19

Exact text from the filing

On April 19, 2024, Comstock Inc. (the “Company”) entered into a securities purchase agreement (the “RenFuel Securities Purchase Agreement”) with Ren Fuel K2B AB (“RenFuel”), whereby RenFuel issued to the Company twelve tranches of 7% Senior Secured Convertible Notes (collectively, the “RenFuel Notes”) in the principal amount of $250,000 each, up to an aggregate principal amount of $3,000,000.

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Source: SEC EDGAR

accession 0001120970-24-000036

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