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Northern Minerals Ltd. (ASX:NTU) announced that it’s received a $1.1-million loan facility from Innovative Technology Funding Pty Ltd.; under the facility, the company has access to $0.8 million in immediate capital.
Northern Minerals Ltd. (ASX:NTU) announced that it’s received a $1.1-million loan facility from Innovative Technology Funding Pty Ltd.; under the facility, the company has access to $0.8 million in immediate capital.
As quoted in the press release:
The funding is via a drawdown facility offset against Northern Minerals’ 2015/16 research and development (R&D) rebate and provides access to short term working capital ahead of the rebate being finalised.
This facility from Innovative Technology Funding Pty Ltd will be extinguished once the R&D rebate is received, which is expected to be before the end of 2016. The R&D rebate application for Northern Minerals is being managed by international accounting firm Deloitte.
Under the Federal Government’s Research and Development Tax Incentive scheme, eligible companies are entitled to a cash rebate of 45 cents in the dollar for all R&D expenditure incurred in Australia.
George Bauk, managing director of Northern Minerals, commented:
As a company we continue to manage costs through the implementation of several cost saving initiatives, which have significantly reduced our cash burn. Access to this additional funding provides us with further flexibility as we continue to work on delivering our new 2016 business plan.
Click here to read the full Northern Minerals Ltd. (ASX:NTU) press release.