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12:11:55 EDT Sun 19 May 2024
Enter Symbol
or Name
USA
CA



Comet Industries Ltd
Symbol CMU
Shares Issued 5,136,095
Recent Sedar Documents

Comet Ind closes acquisition of further Nelson interest

2023-07-25 14:40 ET - News Release

Subject: Re: Comet Industries Ltd. PDF Document File: Attachment 4312_001.pdf TUPPER JONSSON & YEADON BARRISTDRS & SOLICITORS AN ASSOCIATION OF LAWYERS AND LAIY CORPORATIONS CARI, R. JONSSONX LEE S TUPPER* ITIO - II77 WEST FIASTINGS STREET VANCOUVER, 8.C., CANADA GI-ENN R. YEADON* Y6E2L3 JI]IFItLY'I,K, FIiASEI{* TEL: (604) 640-6358 FAX: (604) 681-0139 adenoles a Personal Lau' Corporatiott Email: tupper@securitieslaw.bc.ca RF]PLY Al"IENTION OF LEE S. TUPPER OUR FILE: I 0078 July 25,2023 BY EMAIL Canada Stockwatch Vancouver, B.C. By Email slock Market News Publishing Inc. Vancouver, B.C. By Email: news@lbaystrest.cilm Dear Sirs: Re: COMET INDUSTRIES LTD. We are the solicitors for the above-mentioned company, and a.re enclosing a copy of its News Release of even date, which we would ask that you disseminate pursuanato the TSX Venture Exchange's requirements, as well as for distribution in the normal fashion. (Please note that we will be handling the SEDAR filing of this News Release.) Yours truly, TUPPER JONSSON & YEADON "Lee S. Tupper" LEE S. TUPPER LST:wb Enc. C Comet Industries Ltd. - via email Attention: Mike O'Reillv. CEO TSX Venture Exchange - via SEDAR British Columbia Securities Commission - via SEDAR Alberta Securities Commission - via SEDAR \\garnet.lan\_folders\tupper\documents\data\c\comet\corp\newsreleasecoverlefterjuly 2023.doc V/Az COMET INDUSTRIES IuIy 25,2023 Gomet lndustries Finalizes Purchase of Additional lnterest in Nelson lsland Property TSX-V Trading Symbol: CMU PRESS RELEASE- July 25, 2023 Comet Industries Ltd. (the "Company") reported today (further to its Press Release of April 18,2023) that it had closed on its agreement to acquire an additional llYo interest in an 86.6 hectare (approximate) 214-acre waterfront property (the "Property") on Nelson Island, British Columbia from DVO Industries Ltd. (DVO) With this acquisition, the Company now has a controlling 5l% interest in the Propety. The consideration for the acquisition is a cash payment of $ 1 59,973 .00 which sum represented I 1% of the 2022 assessed value of the lands as per the BC Assessment Authority. The transaction constitutes a related party transaction in accordance with MI 6l-101 due to common Directors on each of the Company and DVO's Board. 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 Ltd. 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 isll77 West Hastings Street, Suite 1710, Vancouver, British Columbia, Canada V6E 2L3.The Company is in the business of holding and developing real properties, all in British Columbia ("8C"). The Company owns unimproved land in Kamloops, Terrace, Pender Harbor, BC and a rental property in Vancouver, BC all on a freehold basis. "Michael O'Reilly" COMET INDUSTRIES LTD. Michael O'Reilly President and CEO NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward- looking statements, including the reference to proposed development of the Iron Mask Industrial Park. Although management believes the expectations expressed in such forward- looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forwardlooking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at Wg!ry for further information.

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