Business
Significant Research & Development Refund
Significant Research & Development Refund.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \nSignificant Research & Development Refund\n\nECR Minerals plc\n\n \n\n\nECR MINERALS plc\n(“ECR Minerals”, “ECR” or the “Company”)\n\n\nSIGNIFICANT RESEARCH & DEVELOPMENT REFUND\n\n\nECR Minerals plc (LON: ECR), the precious metals exploration and development company, is pleased to provide an update in respect of a significant cash refund received by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) under the Australian government’s R&D Tax Incentive scheme.\n\n\nHIGHLIGHTS:\n\n\n\nECR’s 100%-owned Australian subsidiary MGA has received a cash refund of research and development (R&D) expenditure of AUD 555,212 (approximately £295,515);\n\n\nThe qualifying activities pertain to research into turbidite-hosted gold deposits within MGA’s exploration licences in Victoria, Australia;\n\n\nIn addition, as at 30 September 2019, MGA had carried forward corporate income tax losses of AUD 66,341,587 (approximately £35.3 million) which are expected to be available for offset against future taxable gains.\n\n\n\nCraig Brown, Chief Executive Officer, commented: “I am very pleased to announce the receipt of this cash refund by MGA, which provides a significant boost to the group’s cash position.\n\n\nThe gold price remains strong and we believe there is considerable and growing interest in respect of Australian gold exploration, and we have also observed strong interest in the Victorian goldfields where we have an active exploration portfolio.\n\n\nOverall, the board believes the additional cash creates exciting opportunities for an entrepreneurial gold-focused company like ECR.”\n\n\nFURTHER INFORMATION\n\n\nThe refund received relates to qualifying expenditure made by MGA in the fifteen months ended 30 September 2019. The accounting period is fifteen months long rather than the usual twelve months as MGA’s financial year-end has been changed to 30 September from 30 June in order to align it with the rest of the ECR corporate group.\n\n\nMARKET ABUSE REGULATIONS (EU) No. 596/2014 \n\n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now con...