Comstock Inc. (NYSE:LODE) (“Comstock” and the “Company”) today announced advances on amended agreements with RenFuel K2B AB (“RenFuel”) involving the development of RenFuel’s pre-existing, planned biorefinery project at a pulp and paper mill in Sweden. The amendments also anticipate expanding the scope of the Comstock partnership with RenFuel in the European markets.
These amendments support the liquidation of RenFuel K2B Lignolproduktion AB, a majority owned RenFuel subsidiary originally formed to administer RenFuel’s previously planned Swedish biorefinery as part of a joint venture with Preem (the “RenFuel-Preem JV” or the “JV”), thereby better positioning both parties for construction and operation of a larger scale commercial facility based on the joint Comstock-RenFuel technologies throughout Europe, following construction of Comstock’s first planned facilities in the Americas. The liquidation of the RenFuel-Preem JV does not alter any of the agreements or terms between Comstock and RenFuel, other than Comstock declining its option to step into the JV. Neither Comstock nor RenFuel have any funding obligations into the JV and are not, in any way, subject to any of the liquidation proceedings.
