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Comstock to sell $9.9 billion stock to help U.S. economy

Comstock to sell $9.9 billion stock to help U.S. economy

The parent company of Comstock Corp. said Monday that it plans to sell its stock to a new owner, a company that focuses on developing solar power technologies.

The company said it will buy the stock from Comstock’s current owner, SES Energy Corp.SES Energy’s CEO says Comstock is the next-best thing to coal.

“Comstock is positioned to make a lot of the same kind of changes that have been made in coal that will help the American economy in the years ahead,” Jeffrey Pincus said.SED, the company that owns Comstock, will pay Comstock $9,957,000 for the stock, Comstock said.

It also said the new owner will pay $9 billion in cash.SEC, the new buyer, will receive $2.5 billion in debt financing and Comstock will pay a $1.9 million fee, the SEC said.