Komet Resources Inc.: Closing of the Second Tranche a Private Placement

QUEBEC CITY, QUEBEC--(Marketwired - June 14, 2016) - Komet Resources Inc. (TSX VENTURE:KMT) ("Komet" or the "Corporation") is pleased to announce that it has closed a second tranche of a non-brokered private placement with accredited investors by issuing 2,432,940 units at a price of CA$0.33 per Unit, for total gross proceeds to Komet of CA$802,870. Each Unit consists of one common share and one common share purchase warrant. Each Warrant entitles the holder to purchase one additional Common Share of the Corporation at a price of CA$0.45 for 12 months from the closing date of the private placement. The Company paid a finder's fee amounting USD$30,000.

Securities issued under the private placement will be subject to a four month hold period from the Closing Date.

Komet will use the private placement proceeds to fund the acquisition of production main equipment and exploration work on its properties.

The private placement was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.

As a result of the private placement, 52,518,596 common shares of Komet are issued and outstanding.

More information about the corporation is available at: www.kometgold.com.

Forward-Looking Statements

Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange's policies) accepts any liability of any kind as to the authenticity or accuracy of this release. This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet Inc.'s ("Komet") control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet's management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.