breakout over 9c

has been around this level before it was sold off above 9c should go on after this announcement.

Comet Resources to acquire BIO-Tec oil recycling assets
11:38, Wednesday, 2 November 2005

Sydney - Wednesday - November 2: (RWE Aust Business News) - Comet
Resources Ltd (ASX:CRL) will acquire the assets of environmental research
company BIO-Tec Pty Ltd.
The assets relate to various patent applications and intellectual
property associated with BIO-Tec's BIO-Paragone bacteria technology
platform for the clean up and recycling of oil wastes.
It is being developed as a cost effective solution to global oil
waste.
The transaction will reward BIO-Tec as tangible milestones are
met.
Comet will seek shareholder approval as required.
It will provide funding of up to $500,000 over the first nine
months of the agreement and issue up to 14m shares and 4m options if all
milestones are met.
The first tranche of 5m shares will be paid after 9 months if the
technology has led to $20m in commercial contracts for Comet.
A second tranche of 5m will be paid if Comet gets $2m in net
profit after tax in 2007/08.
A third tranche of 4m shares will be paid if Comet get $10m in
net profit in 2008/09.
Full payment of 14m share will be made at any time after the
first 9 months if the average price of Comet shares remains above 50c for
a period of 4 months.
BIO-Tec will receive 1m options in Comet exercisable at 75c a
share, 1m at $1 a share, 1m at $1.25 a share and 1m at $1.50 a share.