Comstock Calls Report on $2.5 Billion Capital Raise Inaccurate

03:25 PM EDT, 09/03/2024 (MT Newswires) -- Comstock (LODE) said Tuesday that an article about its unit Comstock Fuel kicking off a $2.5 billion capital raise published in the Australian Financial Review contains "material false and misleading statements."

In a regulatory filing, Comstock enumerated inaccuracies, including the proposed capital raise, the existence of an exclusive Asia Pacific license, desired or preferred sites for refinery or other business operations, capital expenditure requirements, raw material tonnage, and forecasted revenues or earnings.

"Neither the company nor any person acting on behalf of the company contributed any of the content of the article or had any communications with the authors or the publisher prior to the publication of the article," Comstock said.

Comstock said it had reached out to the publication and demanded that the report be fully retracted.

Comstock shares were up nearly 5% in recent trading following a brief trading halt.

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