• Firm commitments for $40M Placement from institutional and sophisticated investors
• Directors and management to subscribe $300,000 in Tranche 2
• Share Purchase Plan to raise $5M from existing shareholders
• Funds to settle Santos Transaction costs and for Mahalo Gas Project

Comet Ridge Limited (ASX:COI) is pleased to announce that it has received firm commitments for a two-tranche placement of new shares to existing and new investors to raise $40 million (before costs). The Placement will result in the issue of 390,243,902 fully paid ordinary shares (New Shares) at an issue price of $0.1025 per share. The Placement received strong support from new and existing institutional and sophisticated investors. The Placement proceeds will be used to settle the Santos Transaction costs to acquire the remaining 42.86% of the Mahalo Gas Project from Santos QNT Pty Ltd, to fund the Mahalo Gas Project to FID and for working capital. Comet Ridge also intends to offer eligible shareholders the opportunity to participate via a SPP to raise up to an additional $5 million. The Placement and SPP Options will have a strike price of 15.0c per option and will expire on 30 June 2028. The issue of the Placement and SPP Options is subject to shareholder approval.

Placement to raise $40M and SPP to raise $5M

The funds will enable Comet Ridge to secure 100% ownership of the Mahalo Gas Hub and to optimize the entire Mahalo Gas Hub as a single coordinated development.