VIRGINIA CITY, Nev., July 19, 2024 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE:LODE) ("Comstock" and the "Company") is pleased to announce it has retired its existing Equity Purchase Agreement and entered into a securities purchase agreement with an investor for an 8.0% Convertible Promissory Note due October 31, 2025 (the "Convertible Note"). The Convertible Note was issued with an original aggregate principal amount of $2,717,500 (the "Principal Amount"), purchased by the investor for $2,500,000, reflecting an 8% original issue discount. A portion of the proceeds will be used to redeem $500,000 of existing convertible debt, reducing the Company's outstanding obligations. "We are very pleased to receive this $2.5 million investment, which allows us to extend maturities, retire certain other debt obligations, and secure a solid bridge to our near-term asset sales," said Corrado De Gasperis, Executive Chairman and CEO of Comstock Inc. "This transaction closes out our only existing equity line and prohibits further use until this debt is substantially all repaid. The funding enables our businesses to continue commercializing on plan while being responsive to investor feedback and acting to support our stock price in the near-term." The Convertible Note accrues interest at annual rate of 8% and is redeemable for cash 30 days after closing at 125% of the principal amount plus accrued interest. Additionally, it can be converted into common stock of the Company at a price equal to the lower of 150% of the closing price on the closing date or 80% of the lowest volume-weighted average price (VWAP) of the 10 trading days prior to the conversion notice. Comstock Metals is currently operating its first commercial demonstration facility in Silver Springs, NV, and has begun preliminary design and engineering for its next 3 industry scale facilities and related storage sites. Comstock Metals has already secured the lease and received the first permit for its first industry scale facility, which includes expanded storage capabilities. This zero-landfill solution enables the recycling and reuse of 100% of materials that would otherwise become waste. Comstock Fuels is commercially ready, demonstrating growth-enabling performance to prospective customers. Comstock Fuels is engaged in commercial discussions, including joint development and licensing agreements, and has completed the preliminary engineering for its first commercial demonstration-scale facility. About Comstock Inc.Comstock Inc. (NYSE:LODE) commercializes innovative technologies that contribute to global decarbonization by efficiently converting under-utilized natural resources, primarily, woody biomass into net zero renewable fuels, end-of-life metal extraction, and generative AI-enabled advanced materials synthesis and mineral discovery. To learn more, please visit www.comstock.inc. Comstock Social Media PolicyComstock Inc. has used, and intends to continue using, its