Home » News » Australian Heavy Rare Earths Producer, Northern Minerals Limited Converts Lind Debt into Equity; Settles R&D Tax Dispute with the ATO

Australian Heavy Rare Earths Producer, Northern Minerals Limited Converts Lind Debt into Equity; Settles R&D Tax Dispute with the ATO

August 27th, 2020 Calculator

Converts Lind Debt into Equity

Australian heavy rare earths producer, Northern Minerals Limited, has issued 66,666,667 shares to a nominee of Lind Global Macro Fund, by converting $1.2 million worth of convertible security into ordinary shares.

Resulting from this conversion, there are no amounts outstanding under the replacement convertible security. In accordance with the terms of the funding agreement entered into with Lind in March 2020, Lind has elected to reduce the collateral shareholding from 60,000,000 shares to zero, by paying Northern Minerals $1.08 million in cash.

Northern Minerals expects to receive cleared funds shortly and intends to apply those funds towards the continued development of the company’s projects.

Northern Minerals CEO, Mark Tory, said, “This is the third funding arrangement over a number of years that the Company has transacted with Lind. The Company appreciates the continued support demonstrated by Jeff Easton and the team at Lind and the professional approach adopted by Lind over the years.”

R&D Tax Dispute Settled

Northern Minerals Limited has announced that that it has entered into a settlement agreement with the Australian Taxation Office that settles all matters relating to the company’s refundable Research and Development tax offset claims for the financial years ended 30 June 2017 and 2018

As part of the settlement process, Northern Minerals has adopted recommendations from the ATO for improving its internal policies and procedures with the aim of streamlining future R&D claims.

The settlement agreement reduces the original refundable R&D tax offsets claimed for the financial years ended June 30 2017 and 2018 by $21,309,23

CEO Mark Tory said, “Whilst a lengthy period of time has passed from the date of lodgement of the 2017 and 2018 returns, [Northern Minerals] is pleased that this matter has come to a close and we would like to thank all involved including the ATO and AusIndustry in reaching an amicable settlement of this dispute”.

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