International Graphite secures funding deal with Comet

About this update from International Graphite Limited

(via NewsDirect) 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 [email protected] Copyright (c) 2024 TheNewswire - All rights reserved. Copyright (c) 2024 TheNewswire - All rights reserved., source Press Releases

View stock analysis, news, and events for International Graphite Limited