COMET RIDGE LIMITED — Share Issue/Capital Change 2007

Apr 26, 2007

27 April 2007

Australian Stock Exchange Ltd Via Electronic Lodgement

Dear Sir.

EXERCISE OF UNLISTED OPTIONS

We attach an Appendix 3B in respect of the conversion of 1,000,000 unlisted options expiring 2 March 2008 at 20 cents.

Yours faithfully

وديمل

GILLIAN SWABY Director

Level 9, Wesfarmers House 40 The Esplanade Perth, Western Australia 6000

61 8 6464 0499 Phone: Facsimile: 61 8 6464 0498

ACN 106 092 577

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

Comet Ridge Limited

ABN

$\overline{2}$

47 106 092 577

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\mathbf{1}$ $\pm$ Class of $\pm$ securities issued or to be issued

Number of ⁺securities issued or to

be issued (if known) or maximum number which may be issued

Fully Paid Shares

1,000,000

Principal terms of the *securities 3 (eg, if options, exercise price and date; if partly paid expiry "securities, the amount outstanding and due dates for payment; if *convertible securities, the conversion price and dates for conversion)

$\overline{4}$ Do the *securities rank equally in all respects from the date of allotment with an existing ⁺class of quoted *securities?

If the additional securities do not rank equally, please state:

• the date from which they do $\bullet$
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

5 Issue price or consideration

Purpose of the issue 6 (If issued as consideration for the acquisition of assets, clearly identify those assets)

$0.20$

Exercise of unlisted options, exercisable at 20 cents each and expiring 2 March 2008.

$\boldsymbol{7}$ Dates of entering *securities into uncertificated holdings or despatch of certificates

$27/4/07$

$\bar{8}$ Number and ⁺class of all *securities quoted on ASX (including the securities in clause 2 if applicable)

Number	+ Class
104,850,936	Fully Paid Shares
14, 184, 238	Listed Options expiring 29 June 2007

Yes

		Number	+ Class
9	Number t class and οf aIl *securities not quoted on ASX (including the securities in clause 2 if applicable)	500,000	Options exercisable at 20 cents, expiry date 18/8/08
		1,500,000	Options exercisable at 20 cents, expiry date 31/12/08
		450,000	Options exercisable at 40 cents, expiry date 11/5/09
		75,000	Options exercisable at 45 cents, expiry date 26/6/09
		1,000,000	Options exercisable at 45 cents, expiry date 31/7/09
		955,000	Options exercisable at 45 cents, expiry date 10/11/09
		3,500,000	Options exercisable at 45 cents, expiry date 31/12/09
		100,000	Options exercisable at 50 cents, expiry date $18/1/10$

Dividend policy (in the case of a $\left[\begin{array}{cc} \text{trust, distribution policy} \ \text{increased capital (interests)} \end{array}\right]$ $10¹⁰$

Dividends not yet paid

Part 2 - Bonus issue or pro rata issue

11	holder approval security Ιs required?
12	Is the issue renounceable or non- renounceable?
13	Ratio in which the "securities will be offered
14	+ Class of + securities to which the offer relates
15	determine *Record date to entitlements

16	Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?
17	Policy for deciding entitlements in relation to fractions
18	Names of countries in which the entity has *security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7.
19	Closing date for receipt оf acceptances or renunciations
20	Names of any underwriters
21	Amount of any underwriting fee or commission
22	Names of any brokers to the issue
23.	Fee or commission payable to the broker to the issue
24	Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of "security holders
25	If the issue is contingent on *security holders' approval, the date of the meeting
26	Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled
27	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders
28	Date rights trading will begin (if applicable)

• 29 Date rights trading will end (if applicable)
• 30 How do *security holders sell their entitlements in full through a broker?
• 31 How do *security holders sell part of their entitlements through a broker and accept for the balance?
• 32 How do *security holders dispose of their entitlements (except by sale through a broker)?
• 33 *Despatch date

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)
• Securities described in Part 1 $(a)$
• $(b)$ All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

				Tick to indicate you are providing the information or
documents

35

If the "securities are "equity securities, the names of the 20 largest holders of the additional *securities, and the number and percentage of additional *securities held by those holders

36 If the *securities are *equity securities, a distribution schedule of the additional *securities setting out the number of holders in the categories $1 - 1.000$

$1,001 - 5,000$ $5,001 - 10,000$ $10,001 - 100,000$ 100,001 and over

37

A copy of any trust deed for the additional *securities

Entities that have ticked box 34(b)

• 38 Number of securities for which ^*quotation is sought
• 39 Class of *securities for which quotation is sought
• 40 Do the *securities rank equally in all respects from the date of allotment with an existing *class of quoted *securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they $\bullet$ participate for the next dividend. (in the case of a trust, distribution) or interest payment
• the extent to which they do not $\bullet$ rank equally, other than in relation to the next dividend, distribution or interest payment
• 41 Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security)

42 Number and ⁺class of all ⁺securities quoted on ASX (including the securities in clause 38)

+ Class

Ouotation agreement

• $\mathbf{1}$ *Ouotation of our additional *securities is in ASX's absolute discretion. ASX may quote the "securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the *securities to be quoted complies with the law and is $\bullet$ not for an illegal purpose.
• There is no reason why those 'securities should not be granted *quotation.
• An offer of the ⁺securities for sale within 12 months after their issue will not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any *securities to be quoted and that no-one has any right to return any *securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the *securities to be quoted, it has been provided at the time that we request that the 'securities be quoted.

• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the *securities be quoted.

• We will indemnify ASX to the fullest extent permitted by law in respect of any $\overline{3}$ claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• We give ASX the information and documents required by this form. If any $\overline{4}$ information or document not available now, will give it to ASX before "quotation" of the 'securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: $\sqrt{2\pi}$	Date: 27 April 2007
(Company secretary)

Print name: .............Gillian Swaby....................................