Komet Resources Closes $4.72-million Private Placement

Komet Resources Inc. (TSXV:KMT) has closed a non-brokered private placement by issuing a total of 13,129,567 common shares of the corporation at a price of 36 cents per common share for gross total proceeds to Komet of $4,726,644.12. Two subscribers have participated in the offering: Top Premier SA purchased 6,564,784 common shares and Dynamics Management SA purchased 6,564,783 common shares.
Under their respective subscription agreement, the subscribers have certain pre-emptive rights to participate in future equity and equity-linked financings to maintain their respective share interests and may elect in certain circumstances to nominate a suitable qualified person for appointment or election to the board of directors of the corporation (although no such nomination is currently contemplated).
Komet will use the proceeds of the offering to finance the acquisition of production main equipment and exploration work on its properties.
In connection to this offering, Komet paid a finder’s fee equal to 5 per cent of the gross total proceeds of the offering to an arm’s-length party.
Securities issued under the offering will be subject to a four-month hold period from the closing date.
The offering was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.
As a result of the private placement, 67,469,009 common shares of Komet are issued and outstanding.
Connect with Komet Resources Inc. (TSXV:KMT) to receive an Investor Presentation.