ECR Minerals Plc receives cash refund under Australian R&D Tax Incentive scheme

  • Jan 16, 2020 GMT
  • Team Kalkine
ECR Minerals Plc (LON: ECR) has informed about a significant Research & Development refund.
  • The company has received a significant cash refund under the Australian government’s research and development (R&D) Tax Incentive scheme, through its wholly-owned Australian subsidiary Mercator Gold Australia Pty Ltd.
  • The company’s subsidiary MGA has received a cash refund of R&D expenditure of AUD 555,212 or around £295,515.
  • The company has also informed that its subsidiary had carried forward corporate income tax losses of AUD 66,341,587 or around £35.3 million). The said amount will be used to compensate against future taxable gains.
  • On 16th January 2020, at the time of writing, GMT 08:13 AM, ECR shares were trading at GBX 0.78, up by 0.05 points or 6.90% against the previous day closing price.

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