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2.0¢ comet resources limited

The maximum they could raise was always going to be only $10m,...

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218 Posts.

63

11/03/22

17:44

Post #: 60145267
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Originally posted by soarer: ↑

If rumours saying IG6 ipo closed x6 times oversubscribed means a) CRL’s 25% diluted ? , b) CRL bought more in to this IPO to keep their % or c) we still retain our 25% in IG6 no matter what amount is raised ?

Transaction Structure and Timeline
Comet will receive 40,000,000 shares in International Graphite at completion of its IPO, initially valued at $8 million based on the proposed IPO issue price per share of $0.20, in exchange for the sale of tenements E74/612 and E74/562, which together form the Springdale Graphite Project. Following the Transaction and IPO, Comet is expected to own approximately 25% of International Graphite. The Company will also be entitled to nominate one person to International Graphite’s board of directors.
International Graphite plans to complete its IPO by raising $6-8 million by the end of the first quarter of 2022 calendar year. Comet will provide its shareholders with a more detailed timeline for the proposed IPO at a later date.

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The maximum they could raise was always going to be only $10m, but they got applications or requests for up to $60m worth, so it just means a lot of people weren't able to get in. CRL will still own 25% post ipo.

CRL Price at posting: 2.0¢ Sentiment: Buy Disclosure: Held
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