Comet Ridge Raises A$9.4M for CSG Exploration

Coal seam gas explorer Comet Ridge Limited has said that it has raised a total of $9.4 million which will be used to fund the company’s exploration and appraisal activities for 2012-13 and provide for additional working capital.

Comet Ridge received valid applications in the Retail Entitlement Offer for approximately 32.86 million shares ($3.29 million), representing 84% of the 38,979,591 shares offered to eligible retail shareholders.

As announced last month, the Retail Entitlement Offer was partly underwritten for the first $1.8 million of subscriptions from eligible retail shareholders. As Comet Ridge has received valid applications in excess of the underwritten amount, there is no shortfall to be subscribed for by the underwriter or sub-underwriters.

The allotment of new shares under the Retail Entitlement Offer will occur Wednesday, 5 September 2012, the company said.