Komet Resources Inc. Announces it Has Closed a Non-Brokered Private Placement of $1,500,000

MONTRÉAL, QUÉBEC--(Marketwired - April 29, 2014) - Komet Resources Inc. (the "Corporation") (TSX VENTURE:KMT) hereby announces it has closed on or about April 29th, 2014 (the "Closing") a non-brokered private placement consisting of a minimum of 3 275 109 units at $0.229 and a maximum of 6 550 218 units at a price of $0.229 per unit, for gross proceeds of up to $1,500,000.00. Each unit consists of one common share and one common share purchase warrant, each warrant entitling its holder to purchase one common share at a price of $0.305 per share for a period of 24 months following the Closing.

All securities issued pursuant to the offering will be subject to a hold period of four months from the date of Closing. The private placement is subject to regulatory approval, including that of the TSX Venture Exchange. The Corporation intends to pay an intermediary fee of 8% on the proceeds of the contemplated financing and issue Finder's Warrants for 10% of the number of shares issued, exercisable at $0.305 for a period of 24 months following the Closing, with a forced conversion, should the common shares of the Corporation trade for more then fifteen business days at $0.40 or more.

Insiders have participated in the Private Placement. More specifically, Marcel Robillard, Vice-President Exploration and a Director has subscribed for 50,000 units at $0.229 for a consideration of $11,450.00, Pierre Labrecque, Chief Financial Officer and a Director, has subscribed for 43,500 units for a consideration of $9,961.50 and André Gagné, Chief Executive Officer and a Director, through his management corporation, Consul'Art Inc., has subscribed for 183 795 units for a consideration of $42,776.00.

The gross proceeds from the private placement will be used by the Corporation for general working capital purposes, exploration expenses, as well as costs related to the due diligence reviews of a number of mineral properties located in Burkina Faso in West Africa.

About Komet Resources Inc.

Komet Resources Inc. is a gold exploration and development company with properties in the James Bay Region, Quebec. Properties and general information may be viewed on the Company's website at www.kometgold.com.

Forward looking Statement

This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Corporation's control which may cause actual results, performance or achievements of the Corporation to be materially different from the results, performance or expectation implied by these forward looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Shares outstanding: 33,704,829