Comet Ridge Limited (ASX: COI) announced on 24 June 2026 the successful completion of a $40 million institutional placement, alongside plans for a $5 million Share Purchase Plan (SPP) for existing shareholders. Comet Ridge Limited is a publicly listed Australian energy company focused on the development of natural gas resources for the east coast Australian market, with interests in prospective projects in Queensland and NSW. This capital raise is primarily aimed at securing full ownership of the Mahalo Gas Project and funding its path to a Final Investment Decision (FID).
The two-tranche placement received firm commitments from institutional and sophisticated investors. Tranche 1 will raise approximately $30.6 million under existing ASX Listing Rule capacities, while Tranche 2, targeting $9.4 million, is subject to shareholder approval. Comet Ridge Directors and Management have committed $300,000 to Tranche 2, also pending approval. The non-underwritten SPP will seek up to $5 million from eligible Australian and New Zealand shareholders. Shares in both the placement and SPP are priced at $0.1025 each, representing a 21.2% discount to the last closing price. Participants will also receive one unlisted free attaching option for every two securities, with a strike price of 15.0 cents expiring 30 June 2028, subject to shareholder approval.
The proceeds will primarily settle costs associated with acquiring the remaining 42.86% interest in the Mahalo Gas Project from Santos QNT Pty Ltd, including cash consideration, stamp duty, and an estimated rehabilitation cost bond. Funds will also advance the Mahalo Gas Project to FID, covering remaining Front End Engineering Design (FEED) costs, pre-FID expenditures for the broader Mahalo Gas Hub, and general working capital. Managing Director Tor McCaul welcomed the strong support, noting the funds enable Comet Ridge to “secure 100% ownership of a very large and strategic position in the East Coast gas market” and optimise the Mahalo Gas Hub for shareholder value.
