Comstock Mining fully pays off its secured debenture

Comstock Mining (NYSEMKT:LODE) has completely paid off, its remaining $4M senior secured debenture from a combination of recent cash proceeds from Tonogold and new, unsecured promissory notes.

The Company entered into three promissory notes that refinanced its existing, secured indebtedness. with aggregate amount of  $4.475M maturing September 20, 2021, and monthly interest rate of 12%.

It recently received $0.9M in two payments from Tonogold, one in late June and one in early August, that was otherwise maturing on October 15, 2020.

The Company is also permitted to defer payment of up to 34% of the principal payment due on the maturity date for an additional two years (i.e., until September 20, 2023), solely at its option, in exchange for two year warrants.


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