Comstock metals recycling subsidiary sells facility for $27 million

Virginia city, nev., march 07, 2023 (globe newswire) -- comstock inc. (nyse: lode) (“comstock” and the “company”) today announced agreements by linico corporation, comstock's 88% owned subsidiary (“linico”), to sell linico's facility at 2500 peru drive, mccarran, nevada, for a gross price of $27 million. the facility was being leased pursuant to an agreement that permitted linico to purchase the facility for a purchase price of $15.25 million, of which $3.25 million was previously paid. comstock expects to receive net proceeds of approximately $12.5 million from the sale of the linico facility, plus any remaining proceeds from a $1.5 million 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.
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