Comstock (LODE) shares fell 11.7% in recent Thursday trading after the company priced a public offering of nearly 18.2 million common shares for gross proceeds of $50 million.

The company granted the underwriter a 30-day overallotment option to buy up to an additional 2.7 million shares at the offering price, according to a statement.

Net proceeds will be used to fund capital requirements for Comstock Metals related to its second facility, develop a refining process, and for general corporate purposes, the company said.

The offering is expected to be completed on Jan. 30, subject to closing conditions, according to the company.

Price: 3.18, Change: -0.36, Percent Change: -10.06