Bioleum acquires all patents and IP from RenFuel K2B

In Nevada, Comstock Inc. announced that one of its strategic investees, Bioleum Corporation, acquired substantially all of the patents and other intellectual property assets of RenFuel K2B AB through a wholly-owned subsidiary of Bioleum, including RenFuel’s patented catalytic esterification process to refine Bioleum’s proprietary biointermediates.

The purchase price includes an $18.1 million closing payment comprised of $12.5 million paid with 520,833 shares of Bioleum common stock, $2.5 million paid in the form of warrants to purchase an additional 104,167 shares of Bioleum common stock at an exercise price of $24 per share, $2.6 million in debt forgiveness, and cash of $500,000. The purchase price further includes a contingent earn-out payment equal to 3% of the aggregate revenues generated from sales of lignin ester produced using the technologies acquired from RenFuel up to a cap of $11.9 million.