COMET RIDGE LIMITED — Capital/Financing Update 2009

Jun 25, 2009

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26 June 2009

The Manager Company Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam,

Comet Ridge Limited (ASX Code: COI) - Section 708A(5) Notice

We refer to the announcement released to ASX on 18 May 2009 concerning the 1 new share for every 5 shares entitlement offer (at an offer price of $0.27 per new share) to raise $13.8 million. Comet Ridge Limited (Comet Ridge) confirms completion of that entitlement offer by the issue of 51,225,192 fully paid ordinary shares.

Comet Ridge relies upon case 1 in section 708A(5) Corporations Act 2001 (Cth) (Corporations Act) in respect of the shares issued to existing investors under a rights issue. Comet Ridge notifies ASX, as required by section 708A(6) Corporations Act, as the operator of the prescribed financial market, of details of the issue of securities to persons in response to entitlement offers made by Comet Ridge. Comet Ridge gives this notice pursuant to Section 708A(5)(e) of Corporations Act.

The above securities were issued without disclosure to investors under section 708A(6) of Part 6D.2 of the Corporations Act and as permitted in compliance with section 708A.

Comet Ridge, as at the date of this notice has complied with:

(a) the provisions of Chapter 2M of the Act as they apply to Comet Ridge; and

(b) section 674 of the Corporations Act.

As at the date of this notice, there is no excluded information for the purposes of sections 708A(7) and (8) of the Corporations Act.

Yours faithfully

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Stephen Rodgers Company Secretary

Australia

ASX CODE: COI

Comet Ridge Limited Brisbane Office: 210 Alice Street Brisbane QLD 4000 Phone : +61 7 3221 3661 Fax:- +61 7 3221 3668

Comet Ridge Limited ABN 47 106 092 577 Email: comet@cometridge.com.au Website: www.cometridge.com.au