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Home / Rare Earths / 2020 Refund payment received from ATO: Northern Minerals

Northern Minerals

  • ASX: NTU
    • REE

2020 Refund payment received from ATO: Northern Minerals

  • 9 November

Australian heavy rare earths producer Northern Minerals Limited (ASX: NTU) has received a refund payment of $8.7 million from the Australian Tax Office (ATO). This relates to the Company’s refundable R&D tax offset claim for the financial year ended 30 June 2020.


HIGHLIGHTS

·       $8.7 million refund received from ATO

·       Debt free with final payment of convertible note

CEO Mark Tory said with the payment of the 2020 claim, Northern Minerals would be repaying the last amount of debt of $2 million to JHY Investments Pty Ltd (JHY) today. The Company entered into a $4 million Convertible Note (Notes) subscription and option agreement with JHY in December 2018.

The original terms of the Notes issued to JHY had a maturity date of 31 December 2019 and an interest rate of 16% per annum. Northern Minerals subsequently negotiated an extension of the maturity date for a further year and at a lower interest rate of 10%.

“We have achieved our aim today of being debt free by the end of the 2020 calendar year and continuing to invest in the potential of Browns Range to support a full-scale, commercial operation in the future through ramping up our exploration program in the next six months,” Mr Tory said.

Northern Minerals updated cash position following the initial receipt of funds from the ATO is $15.3m with the zero debt as at 9 November 2020. Also following the repayment of the Sinosteel debt in October, the Company has no security over its assets.

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