Comet Resources Buys more time to meet Mt Margaret acquisition conditions
- Comet Resources (CRL) now has until the end of March for conditions to be met for the proposed 100 per cent acquisition of Mount Margaret copper project near Cloncurry in Queensland, from a subsidiary of Glencore
- Conditions were meant to be met by December 2, but Comet and Glencore have agreed to a time extension
- While there had been two extensions to the closing date for Comet’s capital raising for the acquisition, Managing Director Matthew O’Kane says conditions were yet to be satisfied on both sides
- Comet announced the proposed acquisition in September and set about raising $27 million for the deal and early works
- Comet shares have been suspended since January 31, 2022
