Kamloops, BC – TheNewswire - March 20, 2026, Comet Industries Ltd. (“Comet” or the “Company”) announces that it has secured approximately $742,000 in short term loans (collectively, the “Loans”) to provide construction financing in relation to the subdivision of its Iron Mask Project.  

 

The Loans were advanced in accordance with the terms and conditions of two promissory notes (collectively, the “Promissory Notes”) dated March 17, 2026 between the Company and each of Schore Holdings Ltd. (“Schore”) and Seamark Development Corporation (“Seamark” and together with Schore, the “Lenders”).  The Loans are unsecured obligations of the Company, bear interest at a rate of 10%/annum and mature on March 17, 2027 (the “Maturity Date”). The Company is entitled to prepay all, but not less than all, amounts owing under the Loans prior to the Maturity Date, subject to a minimum interest payment of $35,000 to each Lender.

 

Related Party Transaction

 

The Loans constitute a “related party transaction” as such term is defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) as Schore is a corporation controlled by Michael O’Reilly, a director and officer of the Company, and Seamark is a corporation controlled by Jess Alfonso, a director of the Company. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Loans as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related party, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).  The Loans were approved by the board of directors of the Company, with Mr. Alfonso and Mr. O’Reilly abstaining from the vote in respect thereof. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Loans as confirmation of the insiders’ participation therein was not confirmed until shortly prior to the completion of the Loans.

 

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. 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:

LinkedIn: https://www.linkedin.com/company/cometindustries/about/?viewAsMember=true YouTube: https://www.youtube.com/channel/UCCx-su56OLxOiMx_NtaG4zg

Follow Iron Mask Industrial Park on:

LinkedIn: https://www.linkedin.com/company/iron-mask-industrial-park/about/?viewAsMember=true

 

"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 statements that constitute forward-looking statements and forward-looking information, as defined under applicable Canadian securities laws (collectively, “forward-looking statements”). The words “will”, “intend”, “anticipate”, “could”, “should”, “may”, “might”, “expect”, “estimate”, “forecast”, “plan”, “potential”, “project”, “assume”, “contemplate”, “believe”, “shall”, “scheduled”, and similar terms and all statements that are not statement of historical facts are forward-looking.

Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances, including assumptions regarding regulatory approvals, construction timelines, costs, availability of contractors, market conditions, and the Company’s ability to meet its obligations. 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 statements. The forward-looking statements contained in this news release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws. 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.