Comstock extends three promissory notes to April 2026, raises interest rates

Comstock Inc.

2022 Alvin Fund Note ($2M) maturity extended to April 15, 2026; 16% rate unchanged; prepayment penalty added.
2023 Alvin Fund Note ($2.1M) maturity pushed to April 15, 2026; rate increased from 8% to 12%.
GHF Note ($5M) maturity extended to April 15, 2026; rate raised from 6% to 12%.
Warrant exercise prices lowered to $0.4555/share for Alvin Fund and GHF; expiration extended to Dec 31, 2025.
CEO cites flexibility for first-mover advantage in solar panel recycling and renewable fuels commercialization.

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 Warrant Agreements with Alvin Fund LLC and GHF Inc. valued at lowered exercise price of First GHF, Third GHF, and Alvin Fund warrants to $0.4555 per share; extend (effective 2024-04-22).

Action: amendment
Counterparty: Alvin Fund LLC and GHF Inc.
Value: lowered exercise price of First GHF, Third GHF, and Alvin Fund warrants to $0.4555 per share; extend
Effective: 2024-04-22

Exact text from the filing

On April 22, 2024, the Company, Alvin Fund, and GHF amended the Warrant Agreements (referred to herein as the “Alvin Fund Warrant Agreement Amendment, the “First GHF Warrant Agreement Amendment, the “Second GHF Warrant Agreement Amendment” and the “Third GHF Warrant Agreement Amendment”) to (i) lower the exercise price of the First GHF Warrant Agreement, the Third GHF Warrant Agreement and Alvin Fund Warrant Agreement to $0.4555 per share, and (ii) extend the expiration date of the Warrant Agreements to December 31, 2025.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Comstock Inc. amended 2023 Alvin Fund Note with Alvin Fund LLC valued at extended maturity from February 12, 2025 to April 15, 2026; increased interest rate from 8% to 12% p (effective 2024-04-22).

Action: amendment
Agreement: credit facility
Counterparty: Alvin Fund LLC
Value: extended maturity from February 12, 2025 to April 15, 2026; increased interest rate from 8% to 12% p
Effective: 2024-04-22

Exact text from the filing

On April 22, 2024, the Company and Alvin Fund also amended the 2023 Alvin Fund Note (the “2023 Alvin Fund Note Amendment”) to (i) extend the maturity date from February 12, 2025 to April 15, 2026, (ii) to increase the interest rate from 8% to 12% per annum, and (iii) include an additional payment equal to two months of interest, if paid in full prior to April 15, 2026.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Comstock Inc. amended GHF Note with GHF Inc. valued at extended maturity from December 15, 2024 to April 15, 2026; increased interest rate from 6% to 12% p (effective 2024-04-22).

Action: amendment
Agreement: credit facility
Counterparty: GHF Inc.
Value: extended maturity from December 15, 2024 to April 15, 2026; increased interest rate from 6% to 12% p
Effective: 2024-04-22

Exact text from the filing

On April 22, 2024, the Company and GHF amended the GHF Note (the “GHF Note Amendment”) to (i) extend the maturity date from December 15, 2024 to April 15, 2026, (ii) to increase the interest rate from 6% to 12% per annum, and (iii) include an additional payment equal to two months of interest if paid in full prior to April 15, 2026.

View on SEC.gov

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

Comstock Inc. amended 2022 Alvin Fund Note with Alvin Fund LLC valued at extended maturity from January 31, 2026 to April 15, 2026; additional payment equal to two months of (effective 2024-04-22).

Action: amendment
Agreement: credit facility
Counterparty: Alvin Fund LLC
Value: extended maturity from January 31, 2026 to April 15, 2026; additional payment equal to two months of
Effective: 2024-04-22

Exact text from the filing

On April 22, 2024, the Company and Alvin Fund amended the 2022 Alvin Fund Note (the “2022 Alvin Fund Note Amendment”) to (i) extend the maturity date from January 31, 2026 to April 15, 2026, and (ii) include an additional payment equal to two months of interest, if paid in full prior to April 15, 2026.

View on SEC.gov

376 material agreements filed in the last 30 days. Browse all material agreements →

Comstock Inc. filing history →

Source: SEC EDGAR

accession 0001120970-24-000039

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