Benzinga | Jul 29, 2021 06:51AM EDT

Comstock Forms Joint Venture With Lakeview Energy, Pursuant To Which Co. Acquired 50% Of Equity Of Lakeview's LP Biosciences Subsidiary

Comstock Mining Inc. (NYSE:LODE) ("Comstock" and the "Company") today announced the execution of a series of agreements with Lakeview Energy LLC ("Lakeview") and its subsidiaries, pursuant to which the Company acquired 50% of the equity of Lakeview's subsidiary, LP Biosciences LLC ("LPB"), and agreed to provide the financing needed to retrofit LPB's pre-existing industrial scale solvent extraction and valorization facility in Merrill, Iowa ("LPB Facility"), for the production of an array of wholesale products from up to 200,000 pounds per day of industrial hemp. Comstock issued 3,500,000 restricted shares of its common stock to LPB in connection with its acquisition and financing commitments, and simultaneously acquired 100% of MANA Corporation ("MANA"), an industrial hemp technology development, marketing, and management company, for 4,200,000 restricted shares of Comstock common stock.