Comet Ridge (ASX:COI) calls for capital

• Comet Ridge (COI) shares have been placed in a voluntary trading halt as the company prepares for a proposed capital raise
• Further information about the raise is anticipated to be disclosed to the market on or before Monday, September 13
• The call for capital comes not long after the company secured a $10 million loan to “progress” its Mahalo Gas Hub assets
• Comet announced its plans to acquire an additional 30 per cent equity interest in the Mahalo Gas Project that same day
• Prior to today’s trading halt, Comet Ridge shares last changed hands at 9.9 cents each

Comet Ridge (COI) shares have been placed in a voluntary trading halt as the company readies for a proposed capital raise.

Shares in the Australian energy company are set to remain in the trading halt until Monday, September 13, when further details regarding the capital raise are made to market.

At this stage, Comet has not explicitly indicated how much it is looking to raise or how it plans to spend any proceeds from the proposed raise.

The search for capital comes approximately a month after the company announced it had entered an agreement with PURE Asset Management for a $10 million loan facility.

Comet said the funds would be used to progress its Mahalo Gas Hub assets, announcing its plans to acquire an additional 30 per cent equity interest in the Mahalo Gas Project that same day.

Payment for its stake in the Queensland gas development is set to be made in stages, with a $12 million upfront payment covered by a loan from Santos.

Prior to today’s trading halt, Comet Ridge shares last changed hands at 9.9 cents.