Comstock Strategic Investee Bioleum Acquires RenFuel IP In $18.1M Deal With Additional Earn-Out Up To $11.9M

Comstock Inc. (NYSE:LODE, the "Company"))) today announced that one of its strategic investees, Bioleum Corporation ("Bioleum"), acquired substantially all of the patents and other intellectual property assets of RenFuel K2B AB ("RenFuel") through a wholly-owned subsidiary of Bioleum, including RenFuel's patented catalytic esterification process to refine Bioleum's proprietary biointermediates.

The purchase price includes an $18.1 million closing payment comprised of $12.5 million paid with 520,833 shares of Bioleum common stock, $2.5 million paid in the form of warrants to purchase an additional 104,167 shares of Bioleum common stock at an exercise price of $24 per share, $2.6 million in debt forgiveness, and cash of $500,000. The purchase price further includes a contingent earn-out payment equal to 3% of the aggregate revenues generated from sales of lignin ester produced using the technologies acquired from RenFuel up to a cap of $11.9 million.