COMET RIDGE LIMITED — Capital/Financing Update 2012

Aug 6, 2012

No:

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ASX Circular

Date: 7 August 2012

Key topics

1. Comet Ridge Limited

2. ASX Code: COI

3. Accelerated NonRenounceable Entitlement Offer timetable.

COMET RIDGE LIMITED – ACCELERATED NONRENOUNCEABLE ENTITLEMENT OFFER

Participating Organisations are advised that Comet Ridge Limited (the “Company”) has announced a 1 for 4 accelerated non-renounceable pro rata entitlement offer (the “Entitlement Offer”), at an offer price of $0.10 per new ordinary share to raise approximately $7.7 million.

The Entitlement Offer has two components:

• An institutional entitlement offer, where offers have been made to qualifying institutional securityholders for them to apply for their pro-rata entitlement to raise approximately $4.2 million (the “Institutional Entitlement Offer”).

Reading List

Client Advisers Compliance Managers Corporate Advisory DTR Operators Listings Institutions

ASX Settlement Participants Office Managers Operations Managers (back office)

Research Analysts ASX Clear Participants Market Participants

• A retail entitlement offer, where an offer will be made to qualifying retail securityholders for them to apply for their pro-rata entitlement to raise approximately $3.5 million (the “Retail Entitlement Offer”).

The Entitlement Offer is not underwritten.

The Record Date for the Entitlement Offer is Friday, 10 August 2012.

The Retail Entitlement Offer is expected to close on Wednesday, 29 August 2012.

Securities issued under the Entitlement Offer will rank equally with existing securities on issue.

Authorised By

Adrian Smythe

Contact

Shannon Hong

ASX Limited ABN 98 008 624 691 Exchange Centre 20 Bridge Street Sydney NSW 2000 PO Box H224 Australia Square NSW 1215

Internet: http://www.asx.com.au

No responsibility is accepted for any inaccuracies contained in the matter published.

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The indicative timetable in relation to the Entitlement Offer is as follows:

Event	Date
Trading halt and announcement of the Entitlement Offer	Tuesday, 7 August 2012
Institutional Entitlement Offer opened	Tuesday, 7 August 2012
Institutional Entitlement Offer closed	Wednesday, 8 August 2012
Announcement to end trading haltCompany shares re-commence trading	Thursday, 9 August 2012
Record date	Friday, 10 August 2012 at7.00pm (Sydney time)
Despatch of Retail Offer Booklet and Entitlement and Acceptance Form to retailshareholders	Wednesday, 15 August 2012
Retail Entitlement Offer opens	Wednesday, 15 August 2012
Settlement of the Institutional Entitlement Offer	Thursday, 16 August 2012
New shares issued under the Institutional Entitlement Offer commence tradingon a normal basis	Friday, 17 August 2012
Retail Entitlement Offer closes	Wednesday, 29 August 2012
New shares issued under the Retail Entitlement Offer commence trading on anormal basis	Thursday, 6 September 2012

Settlement Issues

Despite the fact that securities are trading “ex entitlement” on ASX Trade, CHESS will not recognise for settlement purposes the “ex entitlement” or the “cum entitlement” tag on CHESS messages and CHESS will not maintain cum balances during the deemed “CHESS ex-period”, i.e. the period commencing on the deemed CHESS Ex-Date up to and including the record date. However, a record date cum balance will be available the business day following the record date, which will be equal to the registered holding balance at CHESS end of day on the record date. As a result any transfer that occurs prior to record date will be effectively transferred on a “cum” basis.

Therefore, Participants must ensure that any transfer, including the priming of Broker Entrepot Accounts, is conducted in accordance with the basis of quote. For example, a transfer in relation to a transaction conducted on an ex-basis should ordinarily only occur post record date.

CHESS will perform automatic diary adjustments to “cum entitlement” settlement obligations outstanding as at the record date.

Trading issues

ASX will not price a “cum” market with respect to trading in the Company’s securities. Persons who acquire the Company’s securities after the commencement of the trading halt on Tuesday, 7 August 2012 are not entitled to participate in the Entitlement Offer.

Further information

For further details, please refer to the Company’s announcements or phone the Company on 07 3221 3661(within Australia) or +61 7 3221 3661 (outside Australia) from 8.30am to 5.30pm AEST Monday to Friday.

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