International Graphite secures funding deal with Comet
Melbourne, Victoria
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March 14, 2024 11:00 AM Eastern Daylight Time
International Graphite Ltd (ASX:IG6) managing director and CEO Phil Hearse joins Proactive’s Jonathan Jackson to talk through a strategic funding arrangement aimed at solidifying IG6's share register and addressing speculation about the security of International Graphite shares held by Comet. This agreement involves a $1.5 million loan from International Graphite to Comet, coupled with the provision for International Graphite to appoint a majority on Comet's board.
The arrangement is designed to prevent a potential sell-down of Comet's 40 million shares in International Graphite when they are released from ASX escrow on April 7, 2024. Hearse highlights the mutual benefits of this deal, expressing confidence in the positive impact on shareholder value and the share price stabilisation for International Graphite. This move also enables International Graphite to focus more intently on its role in the renewable energy sector, with significant developments expected in the near future.
“International Graphite shares are a major asset for Comet,” Hearse said. “The imminent expiration of the escrow period, in conjunction with Comet’s recent de-listing from the ASX, has fuelled concern that Comet may be compelled to sell down its investment in International Graphite to recapitalise its business.
“Stabilising Comet’s financial position and appointing a majority to the Comet board removes the ‘overhang’ that we believe has contributed to the recent decline in the International Graphite share price and provides the catalyst for a rebound."
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
