COMET RIDGE LIMITED — Capital/Financing Update 2020

Aug 23, 2020

Proposed issue of securities

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Announcement Summary

Entity name

COMET RIDGE LIMITED

Announcement Type

New announcement

Date of this announcement

Monday August 24, 2020

The Proposed issue is: A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

Maximum Number of ASX +security code +Security description +securities to be issued n/a Unlisted Retention Performance Rights Expiring 31 July 2022 7,730,000

Proposed +issue date Friday August 28, 2020

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

COMET RIDGE LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type

ACN

Registration Number

106092577

1.3 ASX issuer code

COI

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Monday August 24, 2020

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 - Are any of the following approvals required for the placement or other type of issue? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity No

Part 7B - Issue details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? New class

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from Will the entity be seeking quotation ASX that the terms of the proposed of the 'new' class of +securities on +securities are appropriate and ASX? equitable under listing rule 6.1? No No ASX +security code +Security description New class-code to be confirmed Unlisted Retention Performance Rights Expiring 31 July 2022

+Security type

Performance options/rights

Number of +securities proposed to be issued

7,730,000

Offer price details

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Are the +securities proposed to be issued being issued for a cash consideration? No

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Please describe the consideration being provided for the +securities
No
Please provide an estimate of the AUD equivalent of the consideration being
provided for the +securities
Will all the +securities issued in this class rank equally in all respects from
their issue date?
Yes
Performance options/rights details
+Security currency Exercise price Expiry date
AUD - Australian Dollar AUD 0.0000
Details of the type of +security that will be issued if the option is exercised
COI : ORDINARY FULLY PAID
Number of securities that will be issued if the option is exercised
7,730,000
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities
proposed to be issued or provide the information by separate announcement.
1. The Performance Rights are being issue for Nil Consideration and are divided into two tranches.
2. The vesting of the Performance Rights remain conditional upon the Employee/Long Term Contractor remaining an
Employee or LTC at the vesting dates.
3. The Rights are issued to retain Employees & LTC.
4. Parcel 1 of the Performance Rights will vest at 1 July 2021.
5. Parcel 2 of the Performance Rights will vest at 1 July 2022.
6. The Performance Rights will lapse if the recipient is no longer employed or engaged.
7. The Plan was summarized in the Notice of Meeting for the 2016 AGM the details the details of which can be found at: h
ttps://www.asx.com.au/asxpdf/20161021/pdf/43c5stly826q7y.pdf
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Part 7C - Timetable

7C.1 Proposed +issue date

Friday August 28, 2020

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Part 7D - Listing Rule requirements

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7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? No

7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

7D.1b ( i ) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1?

7,730,000

7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

Employee and Long Term Contractor retention

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7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

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