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ERROR: type should be string, got "https://www.sec.gov/ix?doc=/Archives/edgar/data/0001120970/000143774924036700/lode20241202_8k.htm\n\n>**Item 1.01 Entry into a Material Definitive Agreement.** \n\n>On December 4, 2024, Comstock Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with an investor (the “Investor”), relating to the issuance of an 6.0% Convertible Promissory Note due April 4, 2026 (the “Convertible Note”). \n\n>Under the Convertible Note, the Company may issue up an aggregate principal amount of $2,659,574 (the “Principal Amount”), with an 6% original issue discount. On the initial closing date, the Investor will fund $2,500,000, which shall result in an aggregate principal amount of $2,127,659 (that is, $2,000,000 in cash plus original issue discount of $127,659). On or before January 1, 2025, the Company will receive an additional funding of $500,000, which shall result in a principal amount for such second tranche of $531,915 (that is, $500,000 in cash plus $31,915 of original issue discount).\n\n>The Convertible Note accrues interest at a per annum interest rate of 6% and can be prepaid by providing 30-day notice. Such prepayment shall be made at 120% of the Principal Amount, plus accrued interest. The Convertible Note will be convertible into common stock of the Company at: (i) 200% of the Closing Price on the Disbursement Date, as defined in the Convertible Note, for the first consecutive 20 calendar days after the Disbursement Date, and (ii) thereafter, 88% of the lowest VWAP (80% during an event of default) of the 6 trading days prior to and including the date of the Conversion Notice. \"VWAP\" means, for or as of any date, the dollar volume-weighted average price for such security on the trading market as reported by www.quotemedia.com. \n\n>On the eleventh day following the closing of the Convertible Note, the Company will issue to the Investor (i), restricted shares of the Company’s common stock equal to 2% of the Principal Amount of the Convertible Note, based on a price per share equal to the 20-day VWAP for the VWAP Period beginning on the 10th trading day prior to the closing of the Convertible Note and ending on the 10th trading day after the closing of the Convertible Note, and (ii) registered shares of the Company’s common stock equal in value to 3% of the Principal Amount of the Convertible Note, based on a price per share equal to the 20-day VWAP for the VWAP Period, in each case, for no additional consideration. \n\n>The Securities Purchase Agreement included customary representations and covenants for the sale and purchase of securities. In addition, the Securities Purchase Agreement has a covenant of the Investor not to take short positions in the Company’s stock while the Convertible Note is outstanding. Until such time as 80% of the principal amount of the Convertible Note is no longer outstanding, the Company also agreed not to enter into any Variable Rate Transactions for the substantial life of the Convertible Note, meaning any transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional shares of Common Stock either (A) at a conversion price, exercise price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Stock or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit or an “at-the-market offering,” whereby the Company may issue securities at a future determined price regardless of whether shares pursuant to such agreement have actually been issued and regardless of whether such agreement is subsequently canceled."