Comstock Mining Announces Completion of Public Offering of Common Stock
Information contained on this page is provided by companies via press release distributed through PR Newswire, an independent third-party content provider. PR Newswire, WorldNow and this Station make no warranties or representations in connection therewith.
SOURCE Comstock Mining Inc.
VIRGINIA CITY, Nev., March 15, 2013 /PRNewswire/ -- Comstock Mining Inc. (the "Company" or "we") (NYSE MKT: LODE) announced today that it has completed its previously announced public offering of 5 million shares of common stock at a price of $2.00 per share.
The net proceeds to the Company from the offering were approximately $9.8 million, after deducting agent fees and estimated offering expenses. The Company intends on using the proceeds from this offering to accelerate prerequisite environmental studies, engineering and permitting for growing production through the commercial development and expansion of both the Lucerne and Dayton Mine plans. We also intend to use proceeds for expansion of our processing facilities associated with this growth and plans for higher production rates in 2013, potentially up to 1.5 million tons per annum.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company's common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and a related prospectus supplement, which have or will be filed with the SEC.
About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District. The Company began acquiring properties in the Comstock District in 2003. Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012. The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration and mining. The near term goal of our business plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.
Monday, May 20 2013 10:43 PM EDT2013-05-21 02:43:27 GMT
Longview police say that an officer is in the hospital after a shooting.Police tell KLTV 7 it happened just before 8:30 Monday evening. Details are still unclear, but several police officers were tryingMore >>
Stretch of Highway 80 closed while police investigate crime scene.More >>
Tuesday, May 21 2013 7:11 AM EDT2013-05-21 11:11:28 GMT
The same storm system that brought devastation to our north Sunday and Monday to Oklahoma and Kansas will affect East Texas later today with a threat of severe storms including tornadoes. ThunderstormsMore >>
Conditions are coming together that could lead to a significant severe weather outbreak across East Texas today. More >>
Tuesday, May 21 2013 2:01 AM EDT2013-05-21 06:01:07 GMT
(RNN) – A day after long track tornadoes devastated Shawnee and Edmond, OK, another round has begun near Oklahoma City.KOCO broadcast a slow rotating cloud that slowly extended down towards the groundMore >>
At least 51 have died in a storm the National Weather Service described as large and violent.More >>
Monday, May 20 2013 2:32 PM EDT2013-05-20 18:32:29 GMT
A Wichita, Kansas television station was forced to evacuate while on the air as a massive tornado touched down nearby. NBC affiliate KSNW meteorologist J.D. Rudd saw that the tornado was headed straightMore >>
A Wichita, Kansas television station was forced to evacuate while on the air as a massive tornado touched down nearby.More >>
Monday, May 20 2013 10:14 PM EDT2013-05-21 02:14:25 GMT
A copy of a daily journal Allen's mother says her son kept, documenting school bullying
An ArkLaTex mother says her son was pushed to the edge by bullying, and took his own life as a result. More >>
An ArkLaTex mother says her son was pushed to the edge by bullying, and took his own life as a result. Now, she's speaking out in hopes of putting a stop to what she claims is an ongoing problem in the tiny McCurtain County town of Smithville, OK.More >>