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NEURIZER LTD — Capital/Financing Update 2018
Oct 28, 2018
65442_rns_2018-10-28_83b34cc1-1e57-4897-90d7-d421aab5c75a.pdf
Capital/Financing Update
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Monday, 29 October 2018: ASX ANNOUNCEMENT (ASX: LCK)
Research and Development Facility Adjustment
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ATO rebate received for 2017/18
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Research and Development Working Capital Facility repaid for 2017/18
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Research and Development Working Capital Facility reduced for 2018/19
South Australian energy company, Leigh Creek Energy Limited (ASX: LCK) (“LCK” or “the Company”) is pleased to announce that it has received its 2017/18 Australian Tax Office (ATO) rebate, and will repay the Research and Development Working Capital Facility (Facility) with the Commonwealth Bank of Australia (CBA) on 29[th] October 2018.
Managing Director’s comments
LCK Managing Director Phil Staveley commented: “The ongoing arrangement that LCK has with the CBA has been of great benefit in managing our cash position, and being able to progress with the operational phase of the PCD. As previously advised, now that the PCD has begun operations, we look forward to progressing with operations and unlocking a large energy resource that enables the Company to quickly move toward having this resource upgraded to reserve status by the end of 4Q 2018. We look forward to updating the market as we move closer to this certification.”
The Company announced on 7 February 2017, that it had secured a 12-month Facility with the CBA, associated with its expenditure on the PCD. This provided LCK with the flexibility to bring forward its tax offsets by providing a draw down on eligible expenditure. The total of this facility was further extended in July 2018 to December 2019 and the facility limit increased to $10.5m.
LCK has now received the 2017/18 ATO rebate and as per the terms of the Facility, will repay drawings relating to the 2017/18 R&D rebate.
The Facility limit will now decrease to $3.6m to match anticipated 2018/19 R&D cash tax rebates. The term for the Facility is unchanged and will continue to be available until December 2019.
Leigh Creek Energy – poised for growth
For further information contact:
Ben Jones | Media and Communications T: +61 419 292 672 | E: [email protected]
Tony Lawry | Corporate and Investor Relations
T: +61 (0) 412 467 160 | E: [email protected]
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T: (08) 8132 9100 W: www.lcke.com.au E: [email protected]
Leigh Creek Energy Limited A: L11, 19 Grenfell St, Adelaide SA 5000 ACN: 107 531 822
About Leigh Creek Energy
Leigh Creek Energy Limited ( LCK ) is an emerging energy company focused on developing its Leigh Creek Energy Project ( LCEP ), located in South Australia. The LCEP will produce high value products such as electricity, methane (synthetic natural gas) and ammonium nitrate products (fertiliser and industrial explosives) from the remnant coal resources at Leigh Creek, utilising In Situ Gasification ( ISG ) technologies, and will provide long term stability and economic development opportunities to the communities of the Upper Spencer Gulf, northern Flinders Ranges and South Australia.
The Company is committed to developing the LCEP using a best practice approach to mitigate the technical, environmental and financial project risks.
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T: (08) 8132 9100 W: www.lcke.com.au E: [email protected] 2 of 2
Leigh Creek Energy Limited A: L11, 19 Grenfell St, Adelaide SA 5000 ACN: 107 531 822