Proactive Investors - Run By Investors For Investors

Comet Resources gains new substantial holder Great Southern Flour Mills with 5.77% interest

The company recently raised more than $1.1 million in a capital raising.
Comet Resources gains new substantial holder Great Southern Flour Mills with 5.77% interest
Comet shares were up nearly 7% in intraday trade

Comet Resources Limited (ASX:CRL) has gained a new substantial holder with Great Southern Flour Mills Pty Ltd indirectly purchasing 16 million ordinary shares, giving it a 5.77% interest in Comet.

The transaction comprised 15 million shares at 3.1 cents a share under Great Southern and 1 million shares at 3 cents a share for Great Southern director Mathew Walker.

READ: Comet Resources completes share placement to fund diamond drilling at Springdale

Comet recently completed a share placement raising $1.125 million through the issue of shares priced at 3 cents each with a one-for-two 6-cent option expiring June 2021.

The funds will be used for a diamond drilling program to infill and extend the high-grade component of the existing resource and recent discoveries at its Springdale Graphite Project.

Springdale’s resource of 15.6 million tonnes at 6% total graphitic carbon (TGC) includes a high-grade core of 2.6 million tonnes at 17.5% TGC.

View full CRL profile View Profile

Comet Resources Ltd Timeline

Related Articles

1549467382_NQ---Hellyer-mill.jpg
June 05 2019
Chairman Brian Stockbridge said 2018 was a "transformational year" for the company
wedding rings
July 04 2019
Alba holds 11.765% of the Horse Hill project near Gatwick Airport in the UK’s Weald basin
Resolute projects in Africa and Australia
April 11 2019
The miner produced 33% more gold last quarter, achieving record production at Syama in Mali.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use