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Comstock Mining Inc. (LODE) said Friday it has priced its previously announced public offering of 6.5 million shares of common stock at a price of $1.59 per share. The offering is expected to close on May 14, 2014. The Company has also granted the underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock to cover over-allotments, if any.
The net proceeds to the Company from the offering will be approximately $9.5 million, after deducting underwriter discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for production expansion, exploration and development drilling and general corporate purposes.