Aqua Metals, Inc. (AQMS): M&A transaction — Aqua Metals sells McCarran facility to Comstock for $15.25M; repays $6M loan

Aqua Metals, Inc.

Sale closed April 26, 2023; total purchase price $15.25M from Comstock Inc. for 2500 Peru Dr., McCarran, NV.
Nonrefundable deposits of $1.25M (Oct 2021) and $2M (Oct 2022) plus $2.1M lease payments applied to purchase.
Comstock exercised purchase option in lieu of LINICO Corporation; remaining $12M paid at closing.
Proceeds used to fully repay $6M loan from Summit Investment Services, which accelerated upon sale completion.

item 2.01 item 2.04

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Aqua Metals, Inc. faced acceleration on loan of $6 million with Summit Investment Services, LLC and others.

Instrument: loan
Principal: $6 million
Counterparty: Summit Investment Services, LLC and others
Event: acceleration

Exact text from the filing

On September 30, 2022, Aqua Metals Reno, Inc. entered into a Loan Agreement with Summit Investment Services, LLC and others (collectively, the “Lenders”), pursuant to which the Lenders provided us with a loan in the amount of $6 million. Pursuant to the Loan Agreement, upon the completion of the sale of the Facility described in Item 2.01 above all amounts owed by us under the Lona Agreement accelerated.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Aqua Metals, Inc. completed a disposition involving Comstock Inc. for $12 million (closed 2023-04-26).

Action: disposition
Counterparty: Comstock Inc.
Consideration: $12 million
Closing: 2023-04-26

Exact text from the filing

On April 26, 2023, Aqua Metals Reno, Inc., our wholly-owned subsidiary, closed on the sale of the land and building (“Facility”) located at 2500 Peru Dr., McCarran, Nevada to Comstock Inc. for remaining $12 million owed.

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Aqua Metals, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-011138

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