- Comstock Mining Inc (NYSE:LODE) has acquired an additional ~3.13 million shares of LINICO Corporation (LiNiCo), from LiNiCo's founder, Michael Vogel, in exchange for 3.5 million restricted Comstock shares.
- Comstock also acquired an additional 4,075 Series A Preferred shares of LiNiCo, increasing its overall ownership to ~90%.
- The remaining 10% of LiNiCo is owned by Aqua Metals Inc. (NASDAQ:AQMS).
- LiNiCo produces electrification products, including lithium carbonate and graphite from recycled lithium-ion batteries.
- LiNiCo's first state-of-the-art production facility is currently being retrofitted and scheduled to begin initial production with a feedstock crushing capacity of over 35,000 tons per year during the 2H 2022, with the ultimate facility capacity of over 100,000 tons per year.
- "Increasing our investment in LiNiCo was a natural extension of our plan to build high-cash generating processes that tap into massive markets and decarbonize the supply chains of increasingly scarce natural resources," said Corrado De Gasperis, Comstock's Executive Chairman and CEO.
- Price Action: LODE shares are trading higher by 27.3% at $1.66 and AQMS lower by 6.34% at $1.26 on the last check Wednesday.
