Comstock Mining (LODE) Prices 7.9M Offering at 2.6% Discount
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Comstock Mining Inc. (AMEX: LODE) has priced an underwritten public offering of 7,894,737 shares of common stock at a price of $1.90 per share. The offering is expected to close on February 10, 2012. The Company has granted the underwriters a 30-day option to purchase up to 1,184,211 additional shares to satisfy any overallotments.
The price is a 2.6 percent discount to Wednesday's closing of $1.95 per share.
The net proceeds to the Company from the offering will be approximately $13.5 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for exploration and development of the Company's primary target areas, that is the Lucerne, Dayton and Spring Valley Resource Areas, as well as for working capital and general corporate purposes.
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The price is a 2.6 percent discount to Wednesday's closing of $1.95 per share.
The net proceeds to the Company from the offering will be approximately $13.5 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for exploration and development of the Company's primary target areas, that is the Lucerne, Dayton and Spring Valley Resource Areas, as well as for working capital and general corporate purposes.
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