Energy company Comet Ridge (ASX:COI) is pleased to announce the successful completion of a $17.4 million placement at an issue price of $0.34 per share.
The Placement, received “cornerstone” interest from a small number of new substantial Australian equities fund managers, and was strongly supported by existing institutional shareholders.
Given the strong institutional demand, the Placement was priced at Comet Ridge’s last closing price of $0.34 on 12 September 2018.
Comet Ridge will issue approximately 51.2 million Placement shares within its current placement capacity, representing 7.6% of its current issued capital.
Shares in Comet Ridge (ASX:COI) are trading 2.94 per cent higher to 35 cents.