What is going on with LODE?
Comstock Mining Inc. (LODE) today announced its acquisition of 100% of the issued and outstanding equity of Plain Sight Innovations Corporation (“PSI”) in exchange for 8,500,000 restricted shares of its common stock.
It also received all of the intellectual property assets of PSI’s affiliate, FLUX Photon Corporation (“FPC”), in exchange for a performance-based cash payment equal to 20% of FPC's future consolidated net cash flow from operations up to $18,000,000.
Comstock Mining Inc. is a leader in the sustainable extraction, valorization, and production of scarce natural resources, and maintains a focus on sustainability. Shares of LODE increased 4.24% to $3.19 as of Thursday at 10:26am.
What does this mean for Comstock Mining?
PSI owns an array of patented and proprietary process technologies that were designed to convert low cost, ubiquitous woody biomass feedstocks into cellulosic ethanol, while producing a portfolio of co-products, including renewable diesel and crystalline graphite. These processes will have applications in the production of carbon neutral batteries and other electrification components.
PSI also operates a commercial pilot cellulosic fuel facility in Wisconsin, where it is able to convert various forms of woody biomass into cellulosic ethanol and co-product precursors for renewable diesel, biographite, bioplastics, and carbon neutral alternatives to fossil fuels.
David Winsness, PSI’s founder and CEO, commented, “Renewable fuels provide a critical pathway for decarbonization, however, most current forms of renewable fuel draw from the same pool of conventional feedstocks, including corn and various vegetable oils in the U.S..."
"Our technologies were designed to address that dilemma by converting abundantly available forestry wastes, short rotation energy crops, and other low-cost sources of woody biomass into natural liquid fuels with vastly superior benefits for a fraction of the refining costs of conventional renewable fuels.”
PSI’s first facility is expected to scale up to an initial capacity exceeding 330,000 tons per year of forestry wastes over its first three years of operations, with annualized revenues exceeding $86,000,000, $173,000,000, and $346,000,000 per year.
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Comstock Mining Inc is a mining company with a focus on gold and silver deposits in the Comstock and Silver City mining districts in Nevada. Its operations are divided into two segments, namely mining and real estate. Its mining projects include The Lucerne Resource area, the Dayton Resource area, the Spring Valley exploration target, the Northern Extension, Northern Targets and Occidental areas. The Real Estate segment involves land, real estate rental properties and a hotel, restaurant & bar provided by the Gold Hill Hotel located in Gold Hill, Nevada just south of Virginia City and the Daney Ranch, located just south of Silver City. The majority revenues are generated from the real estate segment.
