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COMET RIDGE LIMITED — Capital/Financing Update 2022
Mar 30, 2022
64686_rns_2022-03-30_8ae46ad4-946d-4bc3-ac46-e814f22e256c.pdf
Capital/Financing Update
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ASX Announcement
31 March 2022
Additional funding received from PURE Asset Management
Key points:
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Comet Ridge has drawn down the Tranche 2 loan of $3.5 million from PURE Asset Management.
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Funds to progress the Company’s Mahalo Gas Hub development strategy.
Comet Ridge Limited (ASX:COI) is pleased to advise that it has issued a notice to PURE Asset Management Pty Ltd (PURE) to draw down the Tranche 2 loan of $3.5 million. This drawdown will result in the total $10 million PURE loan facility (announced to the ASX on 3 August 2021) being fully utilised. In connection with utilisation of the Tranche 2 loan, Comet Ridge will issue a further 26.5 million Warrants to PURE on terms contained in the Appendix 3B announced to the ASX on 30 March 2022.
The funds will be used (along with existing cash reserves) to progress Comet Ridge’s Mahalo Gas Hub development strategy.
Comet Ridge Managing Director, Tor McCaul said “the funding support from the PURE team has been a critical piece of Comet Ridge’s strategy over the past two years to establish the larger Mahalo Gas Hub position with our 100% held assets, simplify the original Mahalo joint venture and importantly, to progress these assets into development to supply a significant volume of gas into a tightening east coast gas market”.
By Authority of the Board per: Tor McCaul, Managing Director
For more informaton:
Tor McCaul Phil Hicks Managing Director Chief Financial Officer Phone +61 7 3221 3661 Phone +61 7 3221 3661 [email protected] [email protected]
About Comet Ridge
Comet Ridge Limited (ASX: COI) is a publicly listed Australian energy company focused on the development of natural gas resources for the strained east coast Australian market. The company has tenement interests and a suite of prospective projects in Queensland and New South Wales. Our flagship Mahalo Gas Hub project consists of low cost, sales spec natural gas blocks, close to Gladstone. Our exploration assets offer further upside amid increasing domestic and international demand for natural gas as a source for cleaner energy and as a key manufacturing feedstock that makes thousands of products, used daily.
Level 3, 410 Queen Street Brisbane Queensland 4000 GPO Box 798 Brisbane Qld 4001 Phone +61 7 3221 3661 Email: [email protected] cometridge.com.au
A compelling east coast gas play
Comet Ridge Limited | ABN 47 106 092 577 | ASX: COI