New funding secures International Graphite shares

Battery materials company International Graphite has reached an agreement with its major shareholder Comet Resources that resolves a looming issue with Comet’s shareholding in the company.

International Graphite has agreed to loan Comet $1.5 million and Comet has granted International Graphite the right to appoint a majority of Directors to the Comet Board.

The arrangements will prevent the potential short to medium term sell down of any of the 40 million International Graphite shares owned by Comet when the stock is released from ASX escrow on 7 April 2024.

International Graphite Chairman Phil Hearse said the Directors of both companies were unanimous in their belief that the new arrangements were a win-win for all shareholders.

Hearse said: “International Graphite shares are a major asset for Comet.

“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.

“Globally, the macro foundations for our industry are still very strong.”

International Graphite plans to market micronised graphite from its Springdale Graphite Project in Western Australia, and move to further processing at into battery anode material at its Collie Downstream Processing Facility.

Picture: International Graphite