top of page
Search

Comet Industries Announces Non-Dilutive Debt Financing to Fund the Ongoing Development of the Iron Mask Project in Kamloops BC.

  • Writer: Comet Industries
    Comet Industries
  • Jan 21
  • 3 min read

Kamloops, BC – TheNewswire - January 20, 2026 Comet Industries Ltd. (“Comet” or the “Company”) announces that it has entered into a secured, non-revolving term loan agreement with a syndicate of four private lenders, pursuant to which the Company has received a loan (the “Loan”) in the principal amount of CAD$2,000,000 to support construction and development activities related to the Company’s Iron Mask project in Kamloops, British Columbia (the “Iron Mask Project”).

 

The Loan is a one-year term loan bearing interest at a rate of 10% per annum, calculated semi-annually not in advance, with monthly interest only payments and a maturity date of January 9, 2027. A commitment fee of $20,000 has been added to the principal amount outstanding and accrues interest at the same rate as the Loan. The Loan may be prepaid in full prior to maturity, subject to payment of all interest that would otherwise accrue over the full term and the commitment fee.

 

Proceeds of the Loan are restricted to:


I. completion of environmental remediation work and obtaining a Certificate of Compliance from the Ministry of Environment and Parks;


II. payment of trade creditors, contractors, subcontractors, and material suppliers in connection with the subdivision and related construction activities.

 

All lenders are arm’s-length parties, and the transaction does not constitute a related-party transaction under applicable securities laws.

 

The Loan is secured by a first-ranking mortgage over the lands comprising the Company’s Kamloops subdivision project, together with an assignment of rents, an assignment of Project documentation, and a first-ranking general security agreement over all personal property related to the project, with security registered pursuant to the Personal Property Security Act (British Columbia).

 

The Company is in a position to service the monthly interest payments owing under the Loan as they come due and anticipates repaying the principal amount owing under the Loan using proceeds generated from the sale of lots in Phase 1 of the Iron Mask Project.

 

The Loan will not be convertible into the Company’s securities without prior approval from the TSX Venture Exchange. Other than the commitment fee set out above, no bonus securities of the Company, finder’s fee, and/or any other type of compensation will be provided to the lenders for the loan.

 

“This financing provides Comet with the necessary capital to advance Phase 1 of the subdivision while addressing environmental obligations and settling outstanding trade accounts,” said management of Comet. “The structure allows the Company to move forward efficiently with critical project milestones while preserving flexibility in a challenging capital markets environment.”said Mike O’Reilly, President and CEO of Comet.


About Comet Industries Ltd.

Comet Industries Ltd. was established in 1972, incorporated in the Province of British Columbia, and is listed on the TSX Venture Exchange. The Company is in the business of holding and developing real estate properties, all in British Columbia (“BC”). The Company owns unimproved land in Kamloops and Nelson Island on a freehold basis. A major initiative by the company is the Iron Mask Industrial Park project. Visit: https://www.cometindustries.ca/

 

Follow Comet Industries on:

 

Follow Iron Mask Industrial Park on:

  

"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 news release contains certain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the intended use of proceeds of the Loan, the completion of environmental remediation and receipt of a Certificate of Compliance, the advancement and timing of the Company’s subdivision and development activities, repayment of the Loan from project proceeds, and the Company’s ability to obtain future financing on acceptable terms.


Forward-looking information is based on management’s reasonable assumptions, expectations, and estimates as of the date of this news release, including assumptions regarding regulatory approvals, construction timelines, costs, availability of contractors, market conditions, and the Company’s ability to meet its obligations under the Loan. Such forward-looking information is subject to a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied, including but not limited to delays in construction or permitting, cost overruns, changes in regulatory requirements, adverse market conditions, and general economic, financial, and operational risks.


Readers are cautioned not to place undue reliance on forward-looking information. Except as required by applicable securities laws, the Company does not undertake to update or revise any forward-looking information to reflect new events or circumstances.



 
 
 

Comments

Contact

CometIndustries_Logo-Colour-H.png

Corporate Office:
900-235 1st Avenue
Kamloops, British Columbia
Canada, V2C 3J4​​

​

Contact: Mike O’Reilly
mike@cometindustries.ca

  • LinkedIn
  • Youtube

Thanks for submitting!

Our Website Content is for Your Convenience and Information Only

Our website is provided to you as a convenience and for your information only. By merely providing access to our website content, we do not warrant or represent, and you should not assume, that the content on our website includes all material information pertaining to our Company or that such content represents the most current and up-to-date material information that is publicly available with respect to our  Company.

 

We may disclose material information relating to our Company by way of press releases or in statutory public filings prior to posting such information on our website. Information on this website, including material information, may have been modified, superseded, replaced or supplemented by more current information disclosed in such press releases or in such statutory public filings with Canadian and United States securities regulatory authorities. These and other materials are available from the System for Electronic Document Analysis and Retrieval website at www.sedar.com.

 

We do not assume any liability for these matters and, if you use our website, you do so at your own risk. Under no circumstances, including, but not limited to, negligence, will we be liable for any direct or indirect, special, incidental or consequential damages.

​

We Have No control over or Responsibility For Third party Content

We may provide hyperlinks or pointers to other websites maintained by third parties. The links to third-party websites are provided for your convenience and information only. The content in any linked website is not under our control so we are not responsible for the content, including any further links in a third-party site. If you decide to access any of the third-party sites linked to our website, you do this entirely at your own risk. The fact that we provide a link to a third-party website does not mean that we endorse, authorize or sponsor that website. It also does not mean that we are affiliated with the third-party website's owners or sponsors.

 

We Are Not Offering Securities or Providing investment Advice

Nothing in this site constitutes investment advice, including our public filings with Canadian or the United States Securities and Exchange Commission 1"SEC". We provide investor relations materials for your convenience and information only. ln addition, investor relations' materials and our other website content are not offers to sell or solicitations of an offer to buy any security.

 

There are no guarantees about the future performance of the stock market or our stock. Before you invest in any security, you can protect yourself by being an educated investor. If you are interested in our stock, we recommend that at minimum, you read our latest public filings with Canadian securities regulatory authorities. These and other materials are accessible through this website. They are also available from the Canadian System for Electronic Document Analysis and Retrieval website at www.sedar.com

 

Do Not Rely on Forward-Looking information

Some of the statements on this website may be deemed to be "forward-looking statements". All statements on this website, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. 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 forward-looking 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, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for more information.

bottom of page