Key points:
• Successful $15 million placement at $0.17 per share.
• Strongly supported, with demand in excess of the placement size, introducing a number of new
institutional investors to the register.
• Funds raised to be applied to continue Mahalo North development activities, Comet Ridge’s share of
FEED costs for the development of the large Mahalo JV Gas Project, corporate and offer costs, and
general working capital requirements.
• Comet Ridge is well funded to progress the Mahalo Gas Hub blocks towards Final Investment Decision
(FID), with a proforma cash balance of $22.8 million.
Comet Ridge Limited is pleased to announce it has received firm
commitments for a placement of $15 million through the issue of 88.5 million new shares at A$0.17 per share
(Placement).
The Placement strengthens Comet Ridge’s cash position, which sat at $7.8m at 31 December 2023. Following the
placement, Comet Ridge’s pro-forma cash, before costs, will be $22.8m, ensuring the Company remains well funded
to progress the Mahalo JV and Mahalo North projects towards FID.
Taylor Collison Limited and Morgans Corporate Limited acted as Joint Lead Managers and Joint Bookrunners to the
Placement.
Comet Ridge Managing Director, Tor McCaul said; “The Mahalo Gas Hub is a high quality, development ready project,
and we are pleased to have the support of investors to move the large Mahalo JV Gas project and our 100% owned
Mahalo North block to final investment decisions.
“The east coast gas market is tight, and will be so for the foreseeable future due to declining production from legacy
fields and delays to new supply caused by market intervention. Natural gas will remain critical to our energy security
and Australia’s domestic manufacturing industries for decades. Comet Ridge is in a great position to deliver reliable,
cost-effective energy to Australian energy markets by bringing the Mahalo Gas Hub projects into production.”
Placement Details
The Company has received firm commitments for $15 million at $0.17 per share. The Placement price represents a
12.8% discount to last close, and a 12.2% discount to the 5-day volumed weighted average trading price.
A total of 88,500,000 new shares will be issued under the Placement under ASX Listing Rule 7.1A. Placement shares
are expected to settle on Tuesday 20 February 2024 and be issued on or around Wednesday 21 February 2024.
Placement shares will rank equally with the Company’s existing fully paid ordinary shares on issue.
