Classic Minerals Ltd: Funding Update
31.05.2021 | ABN Newswire
Perth, Australia - Classic Minerals Ltd. (ASX:CLZ) is pleased to announce it has been able to secure funding against its Research and Development projects. As the approved claim amounts are returned to the Company through the ATO refunds, Classic has sought to bring forward the refund through financing by Radium Capital.Innovative specialist funder Radium Capital Pty ltd has financed Classic's Research and Development Tax Incentive Rebate for a total of $ 1,781,782.00. Classic has received this amount in two advances. The first was received on 04 March 2021 for an amount of $ 996,000.00 (as reported in the March 2021 Appendix 5B on 30 April 2021) and the second of $ 785,782.00 on 26 May 2021. These amounts are due to be repaid from the R&D rebate to be received from the Australian Taxation Office before 30 November 2021 and carry an interest rate of 14% p.a.
About Classic Minerals Ltd:
Classic Minerals Ltd. (ASX:CLZ) is an exploration and development company focused on gold deposits in Western Australia's famous Goldfields region. In March 2017, Classic acquired the Forrestania Gold Project, with seven tenements stretching across 450km2. Strategically located in a very prospective region, the FGP is an underexplored package surrounded by multimillion ounce deposits such as Bounty (2Moz) and Yilgarn Star (1.5Moz).
Source:
Classic Minerals Ltd.
Contact:
Classic Minerals Ltd. T: +61-8-6305-0221 E: contact@classicminerals.com.au WWW: www.classicminerals.com.au