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COMET RIDGE LIMITED — Capital/Financing Update 2008
Jun 26, 2008
64686_rns_2008-06-26_847e4c58-92b2-48d8-b1e4-f093a1a73c1a.pdf
Capital/Financing Update
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ASX Announcement
Comet Ridge Limited | ABN 47 106 092 577
Comet Ridge
26 June 2008 ASX CODE: COI Operations Update
US PRIVATE EQUITY DEAL CLOSED
The Board of Directors of Comet Ridge Limited (ASX Code: COI) is pleased to advise that the previously announced transaction with New York based private equity capital firm Pine Brook Road Partners, LLC (Pine Brook) closed today, June 26, 2008.
The transaction involved Comet Ridge Limited contributing its US projects with a US$7,000,000 value in return for a 43.75% equity interest in newly formed Comet Ridge Resources, LLC. Pine Brook contributed US$7,000,000 cash and the Rocky Mountain assets of Strike Oil Limited (ASX Code: STX) that it had previously acquired for US$2,000,000, for its 56.25% equity interest.
The management and staff of Comet Ridge USA, Inc., Comet Ridge Limited’s 100% owned US subsidiary, are now employed by Comet Ridge Resources.
The capital now available to Comet Ridge Resources will be put to work immediately with drilling due to commence on the Florence project this weekend. Xtreme Coil Drilling Corporation’s Rig 4 due on location later today.
For further information please contact:
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Andy Lydyard Director [email protected] +1 303.226.1303
AUSTRALIA
C/- Endeavor Corporate Suite 8, 7 The Esplanade Mt Pleasant, West Australia 6153 Phone: +61 8 9316 9100 Fax: +61 8 9315 5475
UNITED STATES 600 17th Street Suite 800-S Denver, Colorado 80202 USA Phone: +1 (303) 226.1300 Fax: +1 (303) 226.1301
ASX CODE: COI ASX Listed: 19 April 04 Shares on Issue: 105 million Unlisted Options: 10.25 million Top 20: 44% Directors: 12%
Comet Ridge Limited | E-mail: [email protected] Website: www.cometridge.com.au USA Phone: 1-303-226-1300