- Junior explorer Comet Resources (CRL) has received firm commitments to undertake a $2 million placement
- To raise the funds, 100M new fully paid ordinary shares will issued to sophisticated and institutional investors at a price of two cents each
- Comet will also use the money to fund activities at its Santa Teresa Gold Project in Mexico, and the Barraba Copper Project in Sydney
- Once the placement is complete, Comet will offer shareholders the chance to participate in a share purchase plan to raise up to $500,000
- Eligible shareholders will be able to apply for up to $30,000 worth of shares at two cents per share
- Comet has dropped 9.09 per cent on the market and shares are trading for two cents each
