News Update 13 March 2024
Dear matthew,
New funding agreement reached
with Comet ResourcesInternational Graphite Limited and its major shareholder Comet Resources Limited have successfully negotiated a transaction that resolves speculation around the short to medium term security of International Graphite shares owned by Comet.
International Graphite has agreed to loan Comet $1.5 million and Comet has granted International Graphite the right to appoint a majority of Directors to the Comet Board.
The arrangements will prevent the potential short to medium term sell down of any of the 40 million International Graphite shares owned by Comet when the stock is released from ASX escrow on 7 April 2024.
International Graphite Chairman Phil Hearse said the Directors of both companies were unanimous in their belief that the new arrangements were a win-win for all shareholders.
“International Graphite shares are a major asset for Comet,” Mr Hearse said.
“Stabilising Comet’s financial position and appointing a majority to the Comet Board removes the ‘overhang’ that we believe has contributed to the recent decline in the International Graphite share price and provides the catalyst for a rebound.
“Globally, the macro foundations for our industry are still very strong."
