Why is Comet Ridge (ASX:COI) raising capital?

Comet Ridge (ASX:COI) is raising capital to fund the acquisition of the remaining 42.86% of the Mahalo Gas Project from Santos QNT. The company stated that the proceeds will also fund the gas asset toward a final investment decision and provide working capital.

What are the financial details of the Comet Ridge (ASX:COI) share placement?

Comet Ridge (ASX:COI) secured commitments for a $40 million placement by issuing 390,243,902 new ordinary shares at $0.1025 per share. The initiative is divided into a A$30.6 million first tranche and a $9.4 million second tranche.

How are Comet Ridge (ASX:COI) directors participating in this transaction?

Comet Ridge (ASX:COI) directors and management have committed to subscribe for $300,000 within the second tranche of the placement. This internal subscription remains subject to receiving shareholder approval.

What does the share purchase plan mean for existing Comet Ridge (ASX:COI) investors?

Eligible existing shareholders can participate in a share purchase plan on the same terms as the placement to raise up to an additional $5 million. This plan allows current retail investors to buy shares at the same $0.1025 issue price.

What are the terms of the options issued by Comet Ridge (ASX:COI)?

Comet Ridge (ASX:COI) is issuing one unlisted free attaching option for every two securities allotted under the placement and share purchase plan. These options carry a strike price of $0.150 and will expire on June 30.

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Comet Ridge raises $40M via placement

Written by Heidi Cuthbert Published Jun 24, 2026, 3:52 AM

Comet Ridge secured $40 million through a two-tranche share placement to institutional and sophisticated investors.
The placement shares were priced at $0.1025 each, representing a discount to the previous trading price.
The company stated that proceeds will fund the acquisition and development of the Mahalo Gas Project.

Comet Ridge (ASX:COI) has secured commitments to raise $40 million through a two-tranche share placement.

The capital raise introduces new institutional investors alongside existing shareholders who can participate in a $5 million purchase plan.

The company will issue 390,243,902 new ordinary shares at an issue price of $0.1025 per share.

Participants will also receive one free unlisted option with a strike price of $0.15 for every two shares allotted.

Following the announcement, the Comet Ridge share price was down at $0.098.

The company stated that proceeds will settle transaction costs to acquire the remaining 42.86% of the Mahalo Gas Project.

The remaining capital will fund the gas asset towards a final investment decision and provide working capital.

Comet Ridge raises $40M via placement

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