Comstock Mining Inc. (AMEX:LODE) announced that it entered into a security purchase agreement for private placement of 11% senior secured debenture due 2021 for gross proceeds of $10,723,000 on January 13, 2017. The debentures carry a coupon of 11% per annum and would mature January 13, 2021. The transaction included participation from returning lender GF Capital. As part of the transaction, Clark Gillam of GF Capital joined the company’s board of directors. Until January 1, 2019, interest will be payable in cash and/or in the form of additional debentures, at the company's option. Thereafter, interest will be payable in cash. The company has the right to redeem the debenture, at any time, at a redemption price equal to the outstanding principal balance, plus accrued and unpaid interest and a make-whole amount equal to seven months of interest. The debenture also includes customary default and cure provisions and, in the event of certain defaults, a default interest rate of 13.5%.