VIRGINIA CITY, NV (May 9, 2014) – Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it has priced its previously announced public offering of 6.5 million shares of common stock at a price of $1.59 per share. The offering is expected to close on May 14, 2014. The Company has also granted the underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock to cover over-allotments, if any.
The net proceeds to the Company from the offering will be approximately $9.5 million, after deducting underwriter discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for production expansion, exploration and development drilling and general corporate purposes.
The offering is being made pursuant to the Company’s effective shelf registration statement that the Company previously filed with the Securities and Exchange Commission (“SEC”). A prospectus supplement relating to the offering has been filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus may be obtained at the SEC’s website at http://www.sec.gov or by request from either H.C. Wainwright & Co., LLC, at firstname.lastname@example.org or National Securities Corporation, at email@example.com.
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.
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.
Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.
Contact information for Comstock Mining Inc.:
P.O. Box 1118
Virginia City, NV 89440
Corrado De Gasperis
President & CEO
Manager of Investor Relations
Tel (775) 847-4755
Tel (775) 847-0545