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Comet Ridge Limited (ASX:COI)

ALERT: Price-sensitive ASX Announcement for COI
Current share price for COI : $0.090 -0.04 (-30.77%)+
Announcement
Release
24 Jun 2026 11:49AM
Price at Release
$0.130
Full Release
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Summary
Comet Ridge Limited has announced a successful capital raise through a two-tranche placement of new shares to secure $40 million, complemented by an additional $5 million through a Share Purchase Plan (SPP). The funds are intended to complete the acquisition of the remaining 42.86% of the Mahalo Gas Project from Santos QNT Pty Ltd, targeting its development to Final Investment Decision (FID) and providing working capital. The placement received robust support from both new and existing institutional investors, facilitated by Taylor Collison Limited, Morgans Corporate Limited, and Aitken Mount Capital Partners. Directors and management have committed $300,000 to the second tranche, which is subject to shareholder approval, alongside a provision of unlisted options for participants in the placements and SPP.
Key Points
  • Comet Ridge Limited raised $40 million through a two-tranche placement of new shares.
  • An additional $5 million is to be raised through a Share Purchase Plan (SPP).
  • The funds will settle costs related to acquiring the remaining 42.86% of the Mahalo Gas Project from Santos QNT Pty Ltd.
  • The placement was well-supported by institutional and sophisticated investors.
  • Joint lead managers were Taylor Collison Limited, Morgans Corporate Limited, and Aitken Mount Capital Partners.
  • Directors and management have committed $300,000 to Tranche 2 of the placement.
  • The share placement price was set at $0.1025 per share, reflecting a discount to the last closing price.
  • Participants in the placement and SPP will receive one unlisted option for every two securities allotted.
  • The use of funds includes costs for the Mahalo Gas Project to FID and corporate overhead.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.