Mr. Michael O'Reilly reports
COMET INDUSTRIES FINALIZES PURCHASE OF ADDITIONAL
INTEREST IN NELSON ISLAND PROPERTY
Further to its press release of April 18, 2023, Comet Industries Ltd. had closed on its agreement to acquire an additional 11-per-cent interest in an 86.6-hectare (approximate), 214-acre
waterfront property on Nelson Island, British Columbia, from DVO Industries Ltd.
With this acquisition, the company now has a controlling 51-per-cent interest in the property. The consideration
for the acquisition is a cash payment of $159,973, which sum represented 11 per cent of the 2022 assessed
value of the lands as per the British Columbia Assessment Authority. The transaction constitutes a related party
transaction in accordance with Multilateral Instrument 61-101 due to common directors on each of the company's and DVO's
boards. The company is relying on the exemptions from the formal evaluation requirement contained in
Section 5.5 and the minority shareholder approval requirement contained in Section 5.7 of MI 61-101.
About Comet Industries Ltd.
Comet Industries was incorporated in the province of British Columbia and is listed on the
TSX Venture Exchange. The address of the company's corporate office and its principal place of
business is 1177 West Hastings St., Suite 1710, Vancouver, B.C., Canada, V6E
2L3. The company is in the business of holding and developing real properties, all in British
Columbia. The company owns unimproved land in Kamloops, Terrace and Pender Harbor, B.C.,
and a rental property in Vancouver, B.C., all on a freehold basis.
We seek Safe Harbor.
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