Comstock Mining rcycling subsidiary sells facility for $27M

Comstock’s 88% owned subsidiary LiNiCo announced agreements to sell LiNiCo’s facility in McCarran, Nevada, for a gross price of $27M. The facility was being leased pursuant to an agreement that permitted LiNiCo to purchase the facility for a purchase price of $15.25M, of which $3.25M was previously paid. Comstock expects to receive net proceeds of approximately $12.5M from the sale of the LiNiCo facility, plus any remaining proceeds from a $1.5M hold-back deposited in escrow, for up to 18 months, to cover the cost of any potential environmental remediation items subsequently identified by the buyer.