2023-03-07 06:39:15 ET
- Comstock ( NYSE: LODE ) owned (88%) subsidiary LINICO announced agreements to sell LiNiCo's facility at Nevada for a gross price of $27M.
- The facility was being leased after an agreement that permitted LiNiCo to purchase the facility for a purchase price of $15.25M, of which $3.25M was paid earlier.
- "The sale of this asset was both opportunistic and strategic since we secured our permitted 200-acre battery metal storage facility in Mound House, Nevada, and recently freed up our existing Storey County operating platform and facilities with the termination of the lease with Tonogold," executive chairman and CEO Mr. Corrado De Gasperis commented.
- The company expects to receive net proceeds of ~$12.5M from the sale of the LiNiCo facility, plus any remaining proceeds from a $1.5M hold-back deposited in escrow, for up to 18 months, to cover the cost of any potential environmental remediation items subsequently identified by the buyer.
- This will lead to a an immediate and ~$25M value swing for Comstock shareholders.
- Shares trading 35.8% higher premarket.
For further details see:
Comstock pops on metals recycling subsidiary offloading facility for $27M