Australian heavy rare earths developer, Northern Minerals Limited (ASX: NTU) has submitted its research and development report for work completed to advance the Browns Range project during the December quarter. Under the facility, the company has worked with Deloitte to estimate the level of tax offsets for the December quarter. The R&D submission was for $8.6 million, with the funds to be used for construction costs at Browns Range.
- US$5.4 million drawdown from Innovation Structured Finance Co., LLC for December quarter Research & Development expenditure.
- Funds drawn down under US$30 million R&D financing package
- Funds to be applied towards Browns Range Pilot Plant Project
- SPP to close on 12 February 2018
Australian heavy rare earths developer, Northern Minerals Limited (ASX: NTU) (the Company) is pleased to announce that it has submitted its research and development (R&D) report for work completed to advance the Browns Range Project (the Project or Browns Range) during the December quarter.
Under the Facility, the Company has worked with its R&D advisor, Deloitte, to estimate the level of tax offsets for the December quarter. Innovation Structured Finance Co., LLC, a company associated with Brevet Capital Management (Brevet) will provide funding equal to 80% of the estimated tax offset, with the principal and accrued interest repayable out of actual tax offsets received at the end of the financial year.
The R&D submission was for a sum totaling A$8.6 million, with these funds to be used by the Company towards the construction costs of the Browns Range Pilot Plant Project, currently being developed in the East Kimberley region of WA.
The SPP has been very successful and the company will close the offer as previously announced on the 12th of February with no further extension. Please visit http://www.northernmineralsspp.com.au/INVESTMENT/NorthernMinerals.aspx if you would like to have your personal SPP form emailed out to you.