Comstock issues $10.6M convertible note to Kips Bay; conversion at 88% VWAP, requires shareholder vote

Comstock Inc.

Issued $10.638M principal 6% convertible note to Kips Bay Select, LP; initial $5M cash funded, second $5M after reverse split.
Note converts at 88% of lowest 6-day VWAP (80% if default), due April 2026; prepayable at 120% of principal plus interest.
Shareholder meeting must be called by Feb 28, 2025 to increase authorized shares; reverse split needed for second tranche.
Commitment shares equal to 5% of principal (2% restricted, 3% registered) to be issued 11 business days after closing.
Investor covenant prohibits short sales while note outstanding; company restricted from variable-rate transactions.

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