Comstock finalizes $3M investment in RenFue K2B

In Nevada, Comstock Inc. announced the execution of agreements with RenFuel K2B AB wherein Comstock is investing up to $3,000,000 over three years to support commercialization of joint development applications for RenFuel and Comstock complementary renewable fuel technologies, and the continued development of the 100,000 metric ton per year biorefinery joint venture project in Sweden.

The applicable investment agreements require the purchase of up to $3,000,000 in 7% senior secured convertible notes funded in quarterly installments of $250,000 for three years. The notes are convertible at pre-money per share valuation equal to the lower of $30,000,000 or the post-money valuation used for RenFuel’s then most recent offering at the time of conversion. Comstock has already invested the first $350,000 of this investment.