Comstock Mining Inc. surges 43 percent in pre-market trading after announcing a definitive agreement to sell its Lucerne properties to Tonogold Resources for $15 million cash, and $8 million in relief of future lease and reclamation obligations.
Deal includes $10 million in cash payments to Comstock in early 2019, helping the company eliminate debt; Comstock to receive another $5 million from Tonogold in early 2020 Tonogold also gets option to lease American Flat property and equipment; Comstock will retain 1.5 percent royalty in Lucerne net smelter Sees deal closing between March and May Companies will hold a call to discuss the deal at 11 a.m. New York Time.
(By Courtney Dentch)