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.
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.