Join our daily newsletter At The Bell to receive exclusive market insights
- Comet Resources (CRL) has entered back-to-back trading halts ahead of a capital raise announcement
- Yesterday, Comet released a positive update on forthcoming plans for its Santa Teresa gold and Barraba copper projects in Mexico
- Over the next few months, Comet will conduct field exploration at Santa Teresa while simultaneously conducting drilling, geophysics and logging at the Barraba Copper Project
- Some exploration at Santa Teresa is being funded by a US$20 million (roughly A$27.2 million) streaming facility with Raptor Capital International
- While it has this funding under its belt, the upcoming capital raise may provide even further support for its short and mid-term plans
- Company shares last traded for 2.2 cents on Wednesday, September 3
Comet Resources (CRL) has entered back-to-back trading halts ahead of a capital raise announcement.
The company will remain in a trading halt until the earlier commencement of trading on Wednesday, September 9, unless the capital raise is announced earlier.
Yesterday, Comet released a positive update on forthcoming plans for its Santa Teresa Gold Project and Barraba Copper Project in Mexico.
Santa Teresa has a non-JORC inferred mineral resource of 64,000 ounces at an average grade of 8.7 grams per tonne. However, Comet is looking to release a maiden JORC-compliant resource shortly, which it then plans to upgrade further early next year.
The company plans to spend the next few months conducting field exploration at Santa Teresa while simultaneously conducting drilling, geophysics and logging at the Barraba Copper Project.
At the end of the 2020 financial year, Comet Resources had around $700,000 in cash.
The 50 per cent acquisition of Santa Teresa came with a streaming facility of US$20 million (roughly A$27.2 million) which is being funded under a term sheet with Raptor Capital International. Comet is in the process of receiving the initial US$6 million (roughly A$8.1 million).
While it has this funding under its belt, the upcoming capital raise may provide even further support to its short and mid-term plans.
Company shares last traded for 2.2 cents on Wednesday, September 3.
