Comstock raises $2.5M via 6% convertible note with step-down conversion price and share penalty

Comstock Inc.

Issued up to $2.66M principal 6% convertible note due Apr 4, 2026; initial $2.5M funded Dec 4, 2024.
Second tranche of $500k due by Jan 1, 2025; both include 6% original-issue discount.
Conversion: 200% of closing price for first 20 days, then 88% of lowest 6-day VWAP (80% in default).
Prepayment allowed at 120% of principal plus accrued interest with 30-day notice.
Issuer to deliver 5% of principal in commitment shares (2% restricted, 3% registered) based on 20-day VWAP.

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