Comstock Inc 8-K, filed Jan 5, 2022
Comstock Inc. (LODE)
8-K
2022-01-05
For: 2021-12-30
View Original
Added on
April 10, 2026
About this 8-K
Comstock Inc filed this 8-K on January 5, 2022, reporting on events of December 30, 2021.
Items reported
- Item 3.02: Unregistered sale of equity
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 30, 2021
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Securities registered pursuant to Section 12(b) of the Act:
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Item 3.02, Unregistered Sales of Equity Securities.
On December 30, 2021, Comstock Mining Inc. (the “Company”) entered into an agreement to acquire 3,129,081 common shares of its strategic investee, LINICO Corporation (“LiNiCo”), from the former chief executive officer and director of LiNiCo, Michael Vogel. Mr. Vogel resigned from LiNiCo as a member of its board of directors and in all other capacities, effective as of such date.
In connection with the acquisition of such LiNiCo shares, the Company issued 3,500,000 common shares of the Company (“LODE Shares”) to Mr. Vogel. If and to the extent that the sale of the LODE Shares results in net proceeds greater than $7,258,162, then Mr. Vogel is required to pay all of such excess proceeds to the Company. If and to the extent that the sale of the LODE Shares results in net proceeds less than $7,258,162, then the Company is required to pay cash to Mr. Vogel equal to such shortfall. The Company retained the right to purchase the LODE Shares from Mr. Vogel for the purchase price of $7,258,162 (less the amount of cash proceeds received by Mr. Vogel from any previous sale of the LODE Shares by Mr. Vogel), at any time during or prior to his sale of the LODE Shares.
Upon completion of the transactions described above, the Company owns 90% of the fully-diluted outstanding capital stock of LiNiCo.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| COMSTOCK MINING INC. | ||||||||||||||
| Date: January 4, 2022 | By: | /s/ Corrado De Gasperis | ||||||||||||
Name: Corrado De Gasperis Title: Executive Chairman and Chief Executive Officer | ||||||||||||||