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Investing.com -- Comstock Mining Inc (NYSE:LODE) stock plummeted 18.7% after the company announced it has priced its previously announced underwritten public offering at $2.25 per share.
The Nevada-based company is offering 13,333,334 shares of common stock, with expected gross proceeds of approximately $30 million before deducting underwriting discounts, commissions, and other offering expenses. Comstock has also granted the underwriter a 30-day option to purchase up to an additional 2 million shares to cover potential over-allotments.
According to the company, proceeds will be used for capital expenditures related to commercializing its first industry-scale facility for Comstock Metals, development expenses, and general corporate purposes, including the payment of existing indebtedness. The offering is expected to close on August 14, 2025, subject to customary closing conditions.
"By eliminating all outstanding debt and fortifying our cash position, we have established an incredibly strong foundation for immediate and future growth," said Corrado De Gasperis, Executive Chairman and CEO of Comstock.
The company stated that the offering will position it to fully fund commercialization of its industry-scale solar panel recycling facilities, each capable of processing over 3 million panels annually, and to advance site selection and other key development initiatives.
Titan Partners Group, a division of American Capital Partners, is acting as the sole bookrunner for the offering.
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