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MICRO-X LIMITED — Capital/Financing Update 2018
Sep 16, 2018
65388_rns_2018-09-16_66323c2e-ee03-45ab-a285-57a740a8dc0a.pdf
Capital/Financing Update
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Micro-X Limited, 1284 South Road, Tonsley, Clovelly Park, South Australia, 5042
ABN: 21 153 273 735
Monday 17[th] September 2018
ASX Announcement – MICRO-X LIMITED (ASX: MX1)
R&D TAX REBATE
Micro-X Limited (ASX: MX1) is pleased to advise that the Company has received an R&D Tax Incentive rebate of $3,839,931 for the 2017/2018 financial year. The R&D Tax Incentive is an Australian Government program under which companies with turnover of less than $20M receive a cash refund for 43.5% of eligible expenditure on research and development.
The Company had in place a loan facility which was secured against the R&D Tax Incentive refund. The Company had drawn down $1.6M of the $3M loan facility. The $1.6M has been repaid upon receiving the R&D Tax Incentive refund as per the terms of the loan agreement.
The R&D Tax Incentive rebate has been accounted for in the Company’s 2018 Annual Financial Report as a receivable and the net cash inflow will be reflected in the Company’s September 2018 Appendix 4C.
For further information please contact:
Mr Peter Rowland, Managing Director, Micro-X Limited
Telephone: +61 418 844 981 [email protected] www.micro-x.com
About Micro-X : Micro-X Limited (“ MX1 ”) is an Australian Securities Exchange listed company developing and commercialising a range of highly innovative products based on proprietary carbon nanotube emitter technologies exclusively licensed and sourced from XinRay Systems Inc., a US based technology developer. These technologies enable the miniaturisation of a number of X-ray applications relevant to large global markets.