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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.

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