Fund Raising across the Boards
THE FUND RAISER: The tax man has come to the party for a few companies this week.
Research and Development Funds received
Argent Minerals (ASX: ARD) has received the Federal Government’s Research and Development Tax Concession claim funds of approximately $173,000.
The claim relates to a range of technical development activities in the financial year ended June 2014 associated with the intention of advancing the Kempfield polymetallic project toward production.
“These funds will be strategically applied to support the company’s activities toward our goal of becoming a significant Australian mining operation, including the Kempfield deep diamond drilling program announced to the ASX on 29 October 2014,” Argent Minerals managing director David Busch said,
Argent has also received the approval of NSW Government Trade & Investment Resources & Energy to proceed with the Kempfield deep diamond drilling program.
Tax Offset Refund
Metallica Minerals (ASX: MLM) has received $579,280 as a tax offset (refund) under the Federal Government’s Research and Development Tax Incentive program for expenditure.
Unique aspects of Metallica’s Scandium extraction process, which have been developed over a number of years in conjunction with progress on the company’s high-grade scandium, and nickel-cobalt project northwest of Townsville in Queensland, have formed the principal basis of Metallica’s R and D activities to date.
“This funding, together with the recently completed sale of Metallica’s shares in MetroCoal Limited, places Metallica in a good financial position with total funds on hand of approximately $2.85 million and at a time the company has its first mining project now underway,” Metallica Minerals managing director Andrew Gillies said.
“The Urquhart heavy mineral sands and bauxite project near Weipa on the west coast of Cape York is being fully funded by joint venture partner OzOre Resources Pty Ltd (earning 50 per cent) – and targeting first production mid next year.”
Completion of fund raising
Coziron Resources (ASX: CZR) has completed a placement to sophisticated investors to raise gross proceeds of approximately $0.75million.
Proceeds from the placement will be used primarily to fund exploration at the company’s Yarraloola iron-ore project in the West Pilbara and additional working capital.
The placement was priced at 2 cents per share and will result in the issue of
38.375 million shares.
“We are very pleased to have recently received heritage clearance for the Yaraloola drilling campaign which commenced on 1 November 2014,” Coziron Resources chairman Adam Sierakowski said.
“The directors have taken a prudent approach of raising this small amount of capital to ensure the company is adequately funded through to the end of this round of drilling.”