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Comstock Mining announce to acquire Silver Springs, Nevada-The 18th China(Guangzhou)Int’l Spring Industry Exhibition
7/28/2016 弹簧展- -全球最大弹簧展会- Spring Industry Exhibition |
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Comstock Mining Inc. announced that it has exercised a purchase commitment to acquire 98 acres of land and over 257 acre-feet of senior-priority water rights in Silver Springs, Nevada. The property was acquired through a wholly-owned subsidiary called Comstock Industrial LLC. The acquisition and the first six months of interest was funded from a two-year loan of $3,250,000 to acquire the property, secured by a deed of trust on the property. The loan will be repaid through proceeds from sales of the land or water rights.
The Company, along with Comstock Mining LLC and Comstock Real Estate Inc., also wholly-owned subsidiaries of the Company, provided guaranties for obligations relating to the property purchased.
Mr Corrado De Gasperis, President & CEO, said that "This property is located in the immediate vicinity of the Reno-Tahoe industrial Center (TRIC) and the ongoing USA Parkway construction that connects TRIC right into Silver Springs. We want to thank GF Capital and its principals for a tremendously collaborative and successful effort that positions our shareholders for exceptional returns. The valuation for both the land and excess water rights already exceeds an estimated $10 million. Consummating these acquisitions represent a strategically important step in our previously announced plans to capitalize on these non-mining assets."
-The 18th China(Guangzhou)Int’l Spring
Industry Exhibition
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