International Graphite Limited (ASX: IG6), an emerging supplier of processed graphite products, including active anode materials for lithium-ion batteries, has announced that its major shareholder, Comet Resources Limited, has sold 27.5 million shares in the company. The shares were sold to investors introduced by International Graphite and its advisors, Pamplona Capital Pty Ltd. This transaction, referred to as the ‘Sell Down,’ marks a significant shift in International Graphite’s shareholding structure.
According to the announcement, Comet Resources will use $1.125 million of the proceeds from the share sale to fully repay all outstanding debts owed to International Graphite. This debt repayment simplifies the financial position of International Graphite. Managing Director and CEO of International Graphite, Andrew Worland, expressed gratitude for the ongoing support of existing shareholders, including Chairman Phil Hearse, and welcomed the new investors to the company.
As a consequence of the reduced shareholding, Matthew O’Kane has resigned from the Board of International Graphite. Chairman Phil Hearse thanked Comet for its support over the past three years and acknowledged O’Kane’s contributions as a diligent and professional board member. Hearse also recognised O’Kane’s knowledge of the Springdale Graphite Project and the broader graphite market, stating that his counsel had been invaluable.
This announcement was authorised for release by the Board of International Graphite Limited. Further details can be obtained from CFO/Company Secretary Robert Hodby or Media and Communication contact Marie Howarth.
