BRIEF-Comstock Sells Legacy Mining Assets To Mackay Precious Metals Inc.

Comstock Mining Inc.

Comstock Mining Inc.

LODE

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June 22 (Reuters) - Comstock Inc LODE.A:

  • COMSTOCK SELLS LEGACY MINING ASSETS TO MACKAY PRECIOUS METALS INC.

  • COMSTOCK - DEAL VALUED AT OVER $45 MILLION INCLUDING CASH, STOCK, ROYALTY, AND CONTINGENT PAYMENT

  • COMSTOCK - TO RECEIVE $20 MILLION CASH AND 2 MILLION MACKAY SHARES AT CLOSING

  • COMSTOCK - DIVESTITURE EXPECTED TO RESULT IN OVER $1.5 MILLION ANNUALIZED COST SAVINGS

  • COMSTOCK - RETAINS 1.5% NSR ROYALTY; MACKAY MAY REPURCHASE FOR $3.5 MILLION

  • COMSTOCK - ELIGIBLE FOR $10 MILLION CONTINGENT PAYMENT WITHIN SEVEN YEARS

  • COMSTOCK - MACKAY TO BUY FOUR COMSTOCK SUBSIDIARIES AND ALL ASSOCIATED ASSETS

Source text: ID:nGNX9ydJgn

Further company coverage: LODE.A


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