• $10 million corporate loan facility
• Strengthens balance sheet, providing Comet Ridge with funding to progress its Mahalo Gas Hub assets
• Competitive and flexible terms
• Validation of Comet Ridge's project development strategy, with initial warrants to acquire ordinary shares issued at 16.5cps, and 83% premium to the last traded share price

Comet Ridge has entered into a binding agreement with PURE Asset Management Pty Ltd to provide Comet Ridge access to a term loan facility for up to $10 million.

The facility is provided in two tranches of $6.5 million and $3.5 million respectively. The first tranche of $6.5 million will be immediately drawn, following execution of loan documentation, providing a proforma cash balance of approximately $10 million (before fees) at 30 June 2021. The facility will provide Comet Ridge with funding to progress a Final Investment Decision (“FID”) on the Mahalo Gas Project (40% interest, increasing to 70% upon completion of the acquisition of APLNG’s Mahalo Gas Project interests, also announced today) and other corporate activities.

Commenting on the facility, Comet Ridge Chief Financial Officer, Phil Hicks, said, 
“This corporate loan facility represents a significant milestone for Comet Ridge, broadening the capital structure of the Company with a new source of funding from a long-term partner in PURE Asset Management. The Pure facility complements the funding arrangements that Comet Ridge has put in place with its joint venture partner, Santos Ltd, to support the Company’s Mahalo Gas Hub project development strategy.”

PURE Resources Portfolio Manager, Dan Porter, commented, 
“We are extremely excited about entering into a partnership to support Comet Ridge in its ambition to bring the Mahalo Gas Project into production. We believe that the growth in east coast gas demand is structural and that our funding will strengthen the Company’s position to progress the project to FID.”

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