SECURITIES PURCHASE AGREEMENTSecurities Purchase Agreement • September 19th, 2024 • Comstock Inc. • Industrial organic chemicals • Nevada
This Securities Purchase Agreement (this “Agreement”) is dated as of September 19, 2024, between Comstock, Inc., a Nevada corporation (the “Company”) and Kips Bay Select, LP (the “Purchaser”).
COMSTOCK INC. CONVERTIBLE NOTEConvertible Note • September 19th, 2024 • Comstock Inc. • Industrial organic chemicals • Nevada
FOR VALUE RECEIVED, Comstock, Inc., a Nevada corporation, its designee or registered assigns (the “Company” or “Borrower”) promises to pay Kips Bay Select, LP, (the “Holder”), pursuant to this Convertible Note (the “Note”) in cash and/or in shares of Common Stock, the lesser of the principal amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the “Principal”) of up to $5,319,149. On the date hereof, the Holder will fund an initial tranche of $3,500,000, which shall result in an aggregate principal amount of $3,723,404 (that is, $3,500,000 in cash plus original issue discount of $223,404). On October 30, 2024, the Company may elect to request an additional funding of $1,500,000, which shall result in a principal amount for such second tranche of 1,595,795 (that is, $1,500,000 in cash plus $95,795 of original issue discount). This Note is issued pursuant to that certain Securities Purchase Agreement dated of even date herewith, by and between
