Comet Resources

Extraordinary General Meeting Update

Comet Resources Ltd (Comet or the Company) (ASX:CRL) is announcing the cancellation of the planned Extraordinary General Meeting (EGM) of shareholders which was scheduled to be held on Monday 18 July 2022 at 10:00 am (WST) at 1176, Hay Street, West Perth WA 6005 (Meeting). The EGM pertained primarily to the proposed acquisition of the Mount Margaret Copper Project from Glencore plc (Glencore).


The Company has recently been in discussions with Glencore with respect to potentially improving the structure of the transaction whilst still meeting Glencore’s requirements. Discussions on proposed modifications to the transaction are incomplete but will inevitably result in material changes to the original agreement. For this reason, the EGM currently scheduled for shareholders to vote on the proposed acquisition has become redundant and is therefore cancelled.

The Company is working towards putting forward a revised transaction structure that meets all stakeholders’ requirements and will provide further advice at that time. Managing Director, Matthew O’Kane, will also hold another webinar once further advice is provided to answer shareholder questions regarding the proposed transaction and other key Company activities. It is anticipated that further advice will be provided prior to the close of July 2022.

This announcement has been authorised by the Board of Comet Resources Limited

For further information please contact:
MATTHEW O’KANE
Managing Director

(08) 6489 1600
comet@cometres.com.au cometres.com.au
Suite 9, 330 Churchill Avenue Subiaco WA 6008
PO Box 866 Subiaco WA 6904

About Comet Resources

Barraba Copper Project (NSW)

The 2,375ha exploration license that covers the project area, EL8492, is located near the town of Barraba, approximately 550km north of Sydney. It sits along the Peel Fault line and encompasses the historic Gulf Creek and Murchison copper mines. The region is known to host volcanogenic massive sulphide (VMS) style mineralisation containing copper, zinc, lead and precious metals. Historical workings at Gulf Creek produced high-grade copper and zinc for a short period around the turn of the 19th century, and this area will form a key part of the initial exploration focus.

Northern Territory Projects (NT)

The portfolio of Northern Territory exploration licenses and exploration license applications covers an area of approximately 840km2. Although historical exploration results were indicative of near surface gold and copper mineralisation, very limited modern exploration has occurred. Comet plans to utilise modern exploration techniques to rapidly advance the scale of known mineralisation, especially where known geophysical and geochemical anomalies exist that have not been comprehensively drill tested.

Forward-Looking Statement

This announcement includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Comet Resources Limited’s planned exploration programs, corporate activities and any, and all, statements that are not historical facts. When used in this document, words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should" and similar expressions are forward-looking statements. Comet Resources Limited believes that its forward-looking statements are reasonable; however, forward looking statements involve risks and uncertainties and no assurance can be given that actual future results will be consistent with these forward-looking statements. All figures presented in this document are unaudited and this document does not contain any forecasts of profitability or loss.


Click here for the full ASX Release

This article includes content from Comet Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

CRL:AU
The Conversation (0)
Comet Resources

Comet Resources

Battery Commodities for the Low-Carbon Revolution

Working to develop resource projects including gold, copper and graphite.

A stack of Australian 100 dollar banknotes in close-up.

BHP Invests Over AU$840 Million in Olympic Dam Operations Amidst Growing Copper Demand

BHP (ASX:BHP,NYSE:BHP,LSE:BHP) welcomed October with an investment of over AU$840 million for its Olympic Dam copper operations in South Australia.In an October release, the mining giant stated that the funding is for a series of “growth-enabling projects” at the site, focused on strengthening... Keep Reading...
US flag and stock chart overlayed with Benjamin Franklin image.

Trilogy Metals Shares Rocket as US Government Takes Stake in Alaska Project

The US government is making a rare direct investment in a Canadian mining company, taking a 10 percent stake in Vancouver-based Trilogy Metals (TSX:TMQ,ARCA:TMQ) as part of a US$35.6 million deal to accelerate the development of Alaska’s Upper Kobuk Mineral Projects (UKMP)In an announcement... Keep Reading...
​African Discovery Group (OTC:AFDG)

AFDG - Embracing US strategy, acquisition of Butembo copper deposit in the DRC. Copper added to draft list of US strategic minerals

African Discovery Group (OTC:AFDG) ("AFDG" or the "Company") has signed a term sheet to acquire the Butembo Copper exploration license in the Democratic Republic of Congo (DRC) by acquiring 100% of the shares of SOCIETE GRABIN MINING SAS (the "Transaction"). With this proposed acquisition, AFDG... Keep Reading...
ACG Metals

ACG Amends Terms of Gediktepe Royalty Agreement to Support Transition from Gold to Copper Production

ACG announces that the net smelter return royalty agreement dated 17 July 2019 (the "Royalty Agreement") originally entered into between Lidya Madencilik Sanayi ve Ticaret A.Ş. (which assigned its interest to ACG Holdco 1 Limited), Polimetal Madencilik Sanayi ve Ticaret A.Ş. ("Polimetal") and... Keep Reading...

Latest Press Releases

Related News