I bought a parcel of shares in November 2021.
? trading halt since Jan 2022
Does anyone have any idea what is happening to this company?
Richard
The shares were voluntarily suspended by the company in Jan 22 and don't appear to have been reinstated. Here is a summary of the recent company announcement.
Comet Resources Ltd (ASX:CRL)
11 January 2024
The company has provided an update on its progress towards reinstatement to trading on the ASX. They faced challenges in meeting key conditions, including commencing drilling at the Barraba Copper Project, raising $1 million in convertible loans, settling creditor debts, obtaining shareholder approval, and fulfilling administrative and disclosure obligations by November 25, 2023.
Delays in receiving a new drilling permit for the Barraba project, attributed to environmental concerns involving endangered bird species and threatened gum trees, hindered the company's ability to meet the deadline.
Shareholder approvals for relevant capital raisings were obtained at the Annual General Meeting on November 17, 2023, offering a pathway for meeting financial conditions for reinstatement. Comet is currently in discussions with the ASX to potentially vary reinstatement conditions by focusing on exploration works in the Northern Territory instead of Barraba, with ongoing ecological assessments. The company has also applied for a drilling permit for its Oonagalabi project in the Northern Territory, awaiting review and outcome confirmation from the Department of Industry, Tourism, and Trade.
