International Graphite Ltd (ASX:IG6) (International Graphite Ltd (ASX:IG6)) managing director and CEO Phil Hearse joins Proactive’s Jonathan Jackson to talk through a strategic funding arrangement aimed at solidifying IG6's share register and addressing speculation about the security of International Graphite shares held by Comet. This agreement involves a $1.5 million loan from International Graphite to Comet, coupled with the provision for International Graphite to appoint a majority on Comet's board.
The arrangement is designed to prevent a potential sell-down of Comet's 40 million shares in International Graphite when they are released from ASX escrow on April 7, 2024. Hearse highlights the mutual benefits of this deal, expressing confidence in the positive impact on shareholder value and the share price stabilisation for International Graphite. This move also enables International Graphite to focus more intently on its role in the renewable energy sector, with significant developments expected soon.