Comstock Sells All Nevada Mining Assets to Mackay for Over $45 Million
Comstock Inc. (NYSE: LODE) agreed to sell 100% of its mining, processing and real estate operations to Mackay Precious Metals Inc. for over $45 million, consisting of over $30 million in cash and stock, a 1.5% retained royalty, and a $10 million contingent payment.
Comstock Inc. (NYSE: LODE) signed a Securities Purchase Agreement to sell 100% of its mineral, mining, processing and mining district real estate entities to Mackay Precious Metals Inc., a wholly owned subsidiary of Mackay Gold & Silver Corp., for an aggregate transaction value of over $45 million. The company disclosed the transaction June 22.
Mackay will acquire four Comstock subsidiaries: Comstock Mining LLC, Comstock Processing LLC, Comstock Exploration and Development LLC, and Comstock Real Estate Inc. The deal encompasses all patented and unpatented mining claims, town lots, processing facilities, operating permits and water rights in the Nevada district. Mackay will assume all reclamation obligations and liabilities associated with the properties.
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