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Financings

Comet obtains $742,000 in loans for Iron Mask

By The Northwire Desk — AI Analysis Mar 20, 2026 · 17:43 CMU · 3.89 Comet Industries Ltd
CMU · Price

Executive Summary

  • Comet Industries Ltd. secured approximately $742,000 in short-term construction financing to fund the subdivision of its Iron Mask project in Kamloops, BC.
  • The financing consists of two unsecured promissory notes totaling $742,000, bearing 10% annual interest and maturing on March 17, 2027.
  • The transaction is classified as a related-party transaction involving directors Michael O'Reilly and Jess Alfonso, with exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101.

Key Details

  • Total Financing Amount: Approximately $742,000 in short-term loans.
  • Purpose: Construction financing for the subdivision of the Iron Mask project in Kamloops, BC.
  • Lenders: Schore Holdings Ltd. (controlled by Michael O'Reilly) and Seamark Development Corp. (controlled by Jess Alfonso).
  • Instrument Terms:
    • Two promissory notes dated March 17, 2026.
    • Unsecured obligations.
    • Interest rate: 10% per annum.
    • Maturity Date: March 17, 2027.
  • Prepayment Terms: The company may prepay all amounts owing prior to maturity, subject to a minimum interest payment of $35,000 to each lender.
  • Related-Party Status:
    • Michael O'Reilly (Director/Officer) controls Schore Holdings Ltd.
    • Jess Alfonso (Director) controls Seamark Development Corp.
    • Both insiders abstained from the board vote approving the loans.
  • Regulatory Compliance:
    • Relied on exemptions from formal valuation and minority shareholder approval under MI 61-101 (sections 5.5(a) and 5.7(1)(a)).
    • Exemptions applied because the fair market value of the consideration involving related parties did not exceed 25% of the company's market capitalization.
    • No material change report was filed 21 days prior to closing as insider confirmation was received shortly before completion.

Notable Quotes

  • None provided in the text.
Read the original news release →

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Financings