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Comet Resources in trading halt with proposed acquisition news upcoming

The halt will remain in place until the beginning of trade on Thursday, May 28, or when an announcement is released to the market.

Comet Resources Ltd - Comet Resources in trading halt pending news of capital raising
The company has expanded its portfolio to take in a highly prospective copper project in northern NSW

Comet Resources Ltd (ASX:CRL) has been granted a trading halt by the ASX with an announcement upcoming in relation to a proposed acquisition and due diligence process.

The trading halt will remain in place until the beginning of normal trade on Thursday, May 28, or when an announcement is released to the market, whichever occurs earliest.

Comet securities last traded at 1.5 cents and are up from 0.8 cents at close on March 30.

Support for Barraba Copper Project

In April, the company received subscriptions for $650,000 under a placement of 65 million shares, reaffirming support for the acquisition of the Barraba Copper Project in northern NSW.

The company completed the acquisition under amended terms that included a reduction in consideration shares to $200,000 from $450,000.

An initial drilling program is expected to begin once current COVID-19 travel restrictions are eased.

At the time, Comet's managing director Matthew O’Kane said: “I’m very pleased that we have been able to work with our advisors and the vendors of the Barraba project to come up with terms that enable us to continue with the acquisition and proceed with a placement that is sized to reflect current market conditions.

“I am now looking forward to the initial field exploration program at Barraba as soon as logistical and regulatory conditions permit.”

Quick facts: Comet Resources Ltd

Price: 0.017 AUD

Market: ASX
Market Cap: $6.5 m

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