Comet Ridge raises $17M

QUEENSLAND gas hopeful Comet Ridge has raised a cool A$17.4 million in a placement to develop its assets in the Bowen and Galilee basins, with the raising completed without a discount.

Comet Ridge raises $17M Comet Ridge raises $17M Comet Ridge raises $17M Comet Ridge raises $17M Comet Ridge raises $17M

Albany-1 needs further investigation.

While it has had to issue around 7.6% of the company for 51.2 million sgares, the raising at 34c per share gained support of a small number of new substantial Australian equities fund manager and existing institutional shareholders.
 
Managing director Tor McCaul said the lack of a discount was a "strong endorsement of Comet Ridge's high quality asset portfolio and the significant growth aspirations of the business".
 
"Having support from these reputable institutions will be fundamental in the medium term evolution of the company as it pursues its strategy of bringing material gas volumes into the east coast market, as quickly as possible, from low-cost onshore assets".
 
The cash will help fund...