Comstock Processing to form joint venture with Mercury Clean Up.
Tonogold recently accelerated, and the Company has received, $3.92M in non-refundable Convertible Preferred Stock. The $3.92M ultimately converts at a price being the lowest of Tonogold's 20-day volume weighted closing price prior to conversion, most recent private placement, or initial public offering price. Comstock Processing LLC, a new wholly owned subsidiary the Company that includes all of the assets at the American Flat campus, including crushing, leaching, Merrill-Crowe metallurgical processing and the Company's various metallurgical laboratories, has pursued, and the Board has approved, the formation of a Joint Venture with Mercury Clean Up, with proprietary technology for placer mining gold and silver bearing materials containing mercury. The Company expects to finalize the terms of the Joint Venture this month and announce the details. The Company will form another entity called Comstock Mercury Remediation LLC, or a similar name, that will represent the actual 50-50 Joint Venture, with final proof of concept, mining and remediation occurring on the Comstock. The Company will also own a direct stake in MCU.
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|Date:||Jun 20, 2019|
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