Comet Ridge completes A$15mn placement

Australia's Comet Ridge has secured commitments for a placement of A$15mn ($9.7mn) through the issuance of 88.5mn new shares for A$0.17/share, it said on February 14.

The placement is expected to bolster Comet Ridge's cash reserves, which were at A$7.8mn as of December. Following the placement, the pro-forma cash, before accounting for costs, is projected to reach A$22.8mn. This infusion of funds positions the company well for advancing its Mahalo joint venture and Mahalo North projects towards a final investment decision, it said.

Comet Ridge managing director, Tor McCaul, said; “Natural gas will remain critical to our energy security and Australia’s domestic manufacturing industries for decades. Comet Ridge is in a great position to deliver reliable, cost-effective energy to Australian energy markets by bringing the Mahalo gas hub projects into production.”

The Mahalo gas hub area in Queensland, where Comet Ridge operates, includes the Mahalo gas project, Mahalo North, Mahalo East, and Mahalo Far East. This placement is expected to support the company in its efforts to develop these projects and contribute to the domestic energy landscape.