Deal offers 5 million common shares via International Assets Advisory
By Devika Patel
Knoxville, Tenn., March 13 - Comstock Mining Inc. said it priced a $10 million public sale of stock with a $9.75 million greenshoe. The offering was announced Tuesday.
The company will sell 5 million common shares at $2.00 per share. The price per share reflects an 8.68% discount to the March 12 closing share price of $2.19.
International Assets Advisory, LLC will be the agent.
Settlement is expected March 15.
Proceeds will be used to accelerate prerequisite environmental studies, engineering and permitting for growing production through the commercial development and expansion of the Lucerne and Dayton mines as well as for expansion of the company's processing facilities associated with this growth and plans for higher production rates in 2013.
Comstock is a precious metals mining company based in Virginia City, Nev.
| Issuer: | Comstock Mining Inc.
|
| Issue: | Common stock
|
| Amount: | $10 million
|
| Shares: | 5 million
|
| Price: | $2.00
|
| Warrants: | No
|
| Agent: | International Assets Advisory, LLC
|
| Announcement date: | March 12
|
| Pricing date: | March 13
|
| Settlement date: | March 15
|
| Stock symbol: | NYSE: LODE
|
| Stock price: | $2.19 at close March 12
|
| Market capitalization: | $93.22 million
|
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