false
0001120970
0001120970
2024-05-17
2024-05-17
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):
May 17, 2024
COMSTOCK INC.
(Exact Name of Registrant as Specified in its Charter)
Nevada 001-35200 65-0955118
(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction of Incorporation) Identification Number)
117 American Flat Road
,
Virginia City
,
Nevada
89440
(Address of Principal Executive Offices, including Zip Code)
Registrant's Telephone Number, including Area Code: (
775
)
847-5272
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common Stock, par value $0.000666 per share LODE NYSE
American
Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (
(s)
230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (
(s)
240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has
elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a)
of the Exchange Act.
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Item 8.01 Other Event.
On May 17, 2024, Comstock Inc. ("Comstock") announced the private placement of
1,250,000 restricted shares at a price of $0.40 per share, or $500,000 in net
proceeds, to the Executive Chairman & CEO of Comstock (the "Chairman").
The Chairman purchased such restricted shares with proceeds from an
independent, personal promissory note issued by the Chairman to Alvin Fund
LLC, who is separately a creditor and shareholder of Comstock. The promissory
note has a principal amount of $1,100,000, accrues interest at 6% per annum
for one year and 8% per annum thereafter and matures three years from the date
of issuance. The obligations under the promissory note are secured by a
security interest in Sierra Springs Opportunity Fund, Inc. ("SSOF") shares
owned by the Chairman. The Chairman also assigned 500,000 shares of SSOF owned
by him, as partial consideration for the extension of credit.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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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 INC.
Date: May 17, 2024 By: /s/ Corrado De Gasperis
Corrado De Gasperis
Executive Chairman and Chief Executive Officer
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