Comet Ridge (ASX:COI) - Managing Director, Tor McCaul
Managing Director, Tor McCaul
Source: The Market Herald
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  • Australian energy company Comet Ridge (COI) successfully completes its $5 million placement
  • More than 64.4 million new shares have been issued at 8.25 cents to raise net proceeds of $5.3 million
  • Comet Ridge will use the money to begin an appraisal program at the Mahalo North project in Queensland
  • Shares are expected to settle on September 16 and be allocated on September 17
  • Shares in Comet Ridge are down 2.02 per cent on the market and are trading at 9.7 cents at 1:03 pm AEST

Australian energy company Comet Ridge (COI) has successfully completed its $5 million placement.

The company entered a voluntary trading halt only yesterday but did not disclose how much it intended to raise.

A total of 64,472,726 new shares were issued at 8.25 cents each to raise net proceeds of $5.3 million.

This price represents a 15 per cent discount to the five-day volume-weighted average price and a 12 per cent discount to the 20-day volume-weighted average price.

Shares are expected to settle on September 16 and be allocated on September 17.

Comet Ridge will use the money to begin an appraisal program at the Mahalo North project in Queensland.

Managing Director Tor McCaul commented on the placement.

“Very pleasingly, this placement was executed following strong demand from high-quality institutions who have recognised the benefits of Comet Ridge’s recent transformational deals with APLNG and Santos,” Mr McCaul commented.

“The company feels it has reached an inflection point where we can now fast-track the final appraisal, leading into the development of Mahalo, with our aligned joint venture, and also optimise value across the acreage by including Mahalo North and East blocks in the development plan.”

Shares in Comet Ridge were down 2.02 per cent on the market and were trading at 9.7 cents at 1:03 pm AEST.

COI by the numbers
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