EX-5.1 3 mcnv-opprosup_pfd.htm EXHIBIT 5.1 mcnv-opprosup_pfd
June 28, 2019 Board of Directors Comstock Mining Inc. 1200 American Flat Road Virginia City, NV 89440 Ladies and Gentlemen: We have acted as special Nevada counsel to Comstock Mining Inc., a Nevada corporation (the Company of (a) 1,083 shares of Series C Convertible Preferred Stock having an aggregate offering price of up to $1,083,000, par value $0.000666, and (b) 191 shares of Series C Convertible Preferred Stock issued to Temple Tower Group LLC as a due diligence fee, par value $0.000666 (collectively, Shares Statement on Form S-3, as amended (Registration Statement No. 333-229890) Registration Statement Prospectus Commission Act and supplemented by the Prospectus Supplement relating to the Shares filed with the Commission dated as of the Prospectus Supplement described in the Prospectus Supplement. You have requested our opinion as to the matters set forth below in connection with the Prospectus Supplement. For purposes of rendering that opinion, we have examined the Registration Statement, the Prospectus Supplement, the Securities Purchase Agreement by and between the Company and Temple Tower Group, LLC, dated as of June 28, 2019 SPA , the Certificate of Designation filed by the Company on June 28 Certificate of Designation as amended, and Bylaws, as amended, and the corporate action of the Company that provides for the issuance of the Shares, and we have made such other investigation as we have deemed appropriate. We have examined and relied upon certificates of public officials and, as to certain matters of fact that are material to our opinion, we have also relied upon the representations and warranties of the Company contained in those certain documents included as Exhibits to the Registration Statement, the Prospectus and the Prospectus Supplement, and on a certificate of an officer of the Company. In connection with our opinion, we have assumed the genuineness of all signatures, the legal capacity of natural personas, the authenticity of all items submitted to us as originals and the conformity with originals of all items submitted to us as copies. In making our examination of documents executed by parties other than the Company, we have assumed that each other party has the power and authority to execute and deliver, and to perform and observe the provisions of, such documents and has duly authorized, executed and delivered such documents, and that such documents constitute the legal, valid and binding obligations of each such party. We have further assumed that the Registration Statement and any amendments thereto, the Prospectus, and the Prospectus Supplement will comply with all applicable laws at the time the Shares are offered or sold as contemplated by the Registration Statement, the Prospectus, and the Prospectus Supplement. Based upon and subject to the foregoing, it is our opinion that the Shares (including any common stock duly issued upon conversion of the Series C Convertible Preferred Stock in accordance with the terms of the Certificate of Designation), when issued and sold in accordance with the terms and conditions


 
described in the Prospectus Supplement and the SPA, and when stock certificates or book entry positions representing the Shares have been duly executed, registered in the books and records of the Company and delivered, will be validly issued, fully paid and nonassessable. We are qualified to practice law in the State of Nevada. The opinions set forth herein are expressly limited to and based exclusively on the general corporate laws of the State of Nevada, and we do not purport to be experts on, or to express any opinion with respect to the applicability or effect of, the laws of any other jurisdiction. We express no opinion herein concerning, and we assume no responsibility as to the laws or judicial decisions related to, or any orders, consents or other authorizations or approvals as may be required by, any federal laws, rules or regulations, including, without limitation, any federal or regulations or any state laws regarding fraudulent transfers. Our opinion is rendered as of the date hereof, and we assume no obligation to advise you of changes in law or fact (or the effect thereof on the opinions expressed herein) that hereafter may come to our attention. This opinion is issued in the State of Nevada. By issuing this opinion, McDonald Carano LLP (i) shall not be deemed to be transacting business in any other state or jurisdiction other than the State of Nevada and (ii) does not consent to the jurisdiction of any state other than the State of Nevada. Any claim or cause of action arising out of the opinions expressed herein must be brought in the State of Nevada. Your acceptance of this opinion shall constitute your agreement to the foregoing. 8-K to be filed with the Commission for the purpose of including this opinion as part of the Registration Statement, to the incorporation by reference of this opinion letter into the Registration Statement and to this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act or the rules and regulations of the Commission promulgated thereunder. Sincerely, MCDONALD CARANO LLP