Comstock Mining Inc. announced that the company has successfully completed the reorganization and recapitalization plan that was announced earlier in 2010. The plan involved issuing new equity, obtaining prospective mineral rights and the exchange of existing debt for equity.
Comstock Mining Inc. issued Series B Preferred Convertible Stock and raised $35.75 million in gross proceeds. Comstock Mining Inc. said that the company would use the funds to explore and develop its portfolio of mining properties. The Series B Preferred Convertible Stock pays a dividend at a rate of 7.5% and is convertible into 1,536 shares of common stock.
Comstock Mining Inc. added additional acreage that is contiguous to its existing mining properties. The company has 6,000 acres that are prospective for gold, and is conducting a metallurgical testing program with the goal of starting production in 2011.
Comstock Mining Inc. exchanged $29.4 million of its senior secured convertible notes for Series A-1 and Series A-2 Convertible Preferred Stock. The senior secured convertible notes were in default and the exchange cleared all defaults under the terms of the notes.
The company said that the Series A-1 and series A-2 Convertible Preferred Stock each pay a dividend at a rate of 7.5% and are convertible into 606.0606 shares of common stock.
For more information on the company, go to www.comstockmining.com
About QualityStocks:
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to learn more about investing in these companies as well as find and evaluate them.
Sign up for “The QualityStocks Daily Newsletter” at www.QualityStocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks Daily Videos http://videocharts.qualitystocks.net
The Quality Stocks “Ones to Watch” http://Gotstocks.QualityStocks.net
Please see disclaimer on QualityStocks website: http://disclaimer.qualitystocks.net
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment