KometResources Inc. said July 18 that it has raised approximately C$4.7million by issuing 13,129,567 common shares at 36 cents each in a nonbrokeredprivate placement.

Top Premier SA and Dynamics Management SA took part in theoffering. The subscribers have certain preemptive rights to participate infuture equity and equity-linked financings to maintain their respective shareinterests and may opt to nominate a person to the company's board.

Komet will use the proceeds to fund the acquisition ofproduction main equipment and exploration work on its properties.