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Comet Industries Announces Non-Dilutive Debt Financing to Fund the Ongoing Development of the Iron Mask Project in Kamloops BC.
(TheNewswire)    Kamloops, BC – TheNewswire - January 20, 2026 Comet I...
About this update from Comet Industries Ltd.
[{"type":"text","content":" Comet Industries Announces Non-Dilutive Debt Financing to Fund the Ongoing Development of the Iron Mask Project in Kamloops BC.\n(TheNewswire)\n\n\n  \n\n\nKamloops, BC – TheNewswire -\nJanuary 20, 2026 Comet Industries Ltd.\n(“Comet” or the “Company”) announces that it has entered into\na secured, non-revolving term loan agreement with a syndicate of four\nprivate lenders, pursuant to which the Company has received a loan\n(the “Loan”) in the principal amount of CAD$2,000,000 to support\nconstruction and development activities related to the Company’s\nIron Mask project in Kamloops, British Columbia (the “Iron Mask\nProject”).\n\n\n \n\n\nThe Loan is a one-year term loan bearing interest at a\nrate of 10% per annum, calculated semi-annually not in advance, with\nmonthly interest only payments and a maturity\ndate of January 9, 2027. A commitment fee of $20,000 has been added to\nthe principal amount outstanding and accrues interest at the same rate\nas the Loan. The Loan may be prepaid in full prior to maturity,\nsubject to payment of all interest that would otherwise accrue over\nthe full term and the commitment fee.\n\n\n \n\n\nProceeds of the Loan are restricted to:\n\n\nI. completion of environmental\nremediation work and obtaining a Certificate of Compliance from the\nMinistry of Environment and Parks;\n\n\nII. payment of trade creditors,\ncontractors, subcontractors, and material suppliers in connection with\nthe subdivision and related construction activities.\n\n\n \n\n\nAll lenders are arm’s-length parties, and the\ntransaction does not constitute a related-party transaction under\napplicable securities laws.\n\n\n \n\n\nThe Loan is secured by a first-ranking mortgage over the lands\ncomprising the Company’s Kamloops subdivision project, together with\nan assignment of rents, an assignment of Project documentation, and a\nfirst-ranking general security agreement over all personal property\nrelated to the project, with security registered pursuant to the\nPersonal Property Security Act (British Columbia).\n\n\n \n\n\nThe Company is in a position to service the monthly interest payments\nowing under the Loan as they come due and anticipates repaying the\nprincipal amount owing under the Loan using proce...