KOMET - CLOSING OF THE SECOND TRANCHE OF A PRIVATE PLACEMENT

QUÉBEC CITY, Feb 19 (Bernama-GLOBE NEWSWIRE) -- Komet Resources Inc. (“Komet” or the “Company”) is pleased to announce that it has closed a second tranche of a non-brokered private placement with accredited investors by issuing 3,364,000 units at a price of CA$0.37 per Unit, for total gross proceeds to Komet of CA$1,244,680. Each Unit consists of one common share and one-half common share purchase warrant. Each Warrant entitles the holder to purchase one additional Common Share of the Corporation at a price of CA$0.45 for 12 months from the closing date of the private placement. From this amount, 30,000 common shares and 15,000 warrants were issued to a director of the issuer. The Company paid a finder’s fee amounting CA$88,326 and issued 238,720 finder’s warrants.

Securities issued under the private placement will be subject to a four month hold period from the Closing Date.

Komet will use the private placement proceeds to accelerate exploration of their properties in Burkina Faso and Mali.

The private placement was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.

As a result of the private placement, 71,171,342 common shares of Komet are issued and outstanding.

More information about the corporation is available at: http://kometgold.com.

Investors relations and information: André Gagné, President and CEO 581-300-1666 / a.gagne@kometgold.com / Skype: andregagne11

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet’s control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated resources, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet’s management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.

SOURCE : Komet Resources Inc. / Les Ressources Komet Inc.