Managing Director, Matthew O'KaneSource: The Market Herald
- Comet Resources (CRL) has secured a new $8.2 million financing arrangement to support the development of the Santa Teresa gold project in Baja California, Mexico
- The company has executed binding documents with Raptor Capital for the streaming agreement, which could bring in up to US$20 million (around A$27.34 million)
- The agreement is hanging on a number of conditions, including Comet's decision to mine at the Mexican project
- The debt will be serviced by streaming and royalty arrangements, where Comet will deliver every second ounce of gold produced to Raptor once minimum production volumes are met
- Raptor will also take a 2.5 per cent net smelter royalty
- Comet Resources is trading grey at 2.4 cents
Managing Director, Matthew O'KaneSource: The Market Herald
