Mount Margaret Copper Project Update

The directors of Comet have resolved to withdraw the offers the subject of the Company’s prospectus dated 24 February 2023 (Prospectus). As a result, the securities for which shareholder approval was received at the Company’s general meeting held on 27 March 2023 will not be issued.

Following the decision, the Company will now submit a submission to the ASX to seek re- instatement of its shares to trading with the Company’s current assets, subject to ASX review and approval. Once the Company has received advice from the ASX on the process for re- instatement, and any conditions required to be met prior to re-instatement of the shares to trading, shareholders will be updated via an ASX announcement and webinar.

The decision to terminate the Mount Margaret Copper Project acquisition allows Comet to re- focus on its existing high quality copper portfolio and pursue other opportunities as they become available. Furthermore, in addition to its copper assets, the Company continues to hold 40,000,000 shares in International Graphite Limited (ASX:IG6), worth approximately $9 million based on recent share prices.

All application funds submitted under the Prospectus will be refunded to applicants, there is no need for those parties to request a refund.

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.