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”.

Post a Comment

(*) indicates required field.

Are You Eligible?


Click here for the R&D Eligibility Wizard

R&D Audit Checklist


Click here for the R&D Eligibility Wizard

Categories

Archives

 
  
 Swanson Reed - Specialist R&D Tax Advisors 
 
 
 Swanson Reed - Specialist R&D Tax Advisors
  
 39 Google reviews 
 
  
 
 
 
 
  
 Swanson Reed - Specialist R&D Tax Advisors 
 
 
 Swanson Reed - Specialist R&D Tax Advisors
  
 39 Google reviews 
 
 
 
 
 
  
 
 
 
 Daniel McGregor 
 
 
 Daniel McGregor 
 
2022-08-11
 
 
  
 
I have been using Swanson Reed for my clients for more than a decade.  Having a specialist firm that can provide practical and commercial advice that produces real outcomes is very important and we have received great feedback from our clients.
Highly recommended.
  
 
 
  
 
 
 
 John 
 
 
 John 
 
2022-06-15
 
 
  
 
Damian and the rest of the team at Swanson Reed have been supporting us for several years.  We always appreciate their insights, expertise, and efforts.
  
 
 
  
 
 
 
 Rueben Rajasingam 
 
 
 Rueben Rajasingam 
 
2022-06-06
 
 
  
 
Experienced responsive Team. They have been a great help to me and my company navigate the R&D tax claim process and have provided invaluable advice.
  
 
 
  
 
 
 
 Enrique Esquivel 
 
 
 Enrique Esquivel 
 
2022-06-06
 
 
  
 
Damian and the team at Swanson Reed have been extremely helpfully and professional during all of our consultations. Highly recommended.
  
 
 
  
 
 
 
 Jess at Y&C 
 
 
 Jess at Y&C 
 
2022-06-03
 
 
  
 
  
 
 
  
 
 
 
 Anatole Kononewsky 
 
 
 Anatole Kononewsky 
 
2022-06-02
 
 
  
 
The Swanson Reed team have provided our company with exceptional professional advice and assistance for all of our R&D claims for many years - have always achieved great results with excellent value for their services.
  
 
 
  
 
 
 
 Payam Toloo 
 
 
 Payam Toloo 
 
2022-06-02
 
 
  
 
Damian Smyth and his team are very helpful, supportive and experts in their field of R&D Tax claims. I'm always happy with the work they do and been a customer of their for over 5 years.
  
 
 
  
 
 
 
 Melissa Doddy 
 
 
 Melissa Doddy 
 
2022-05-31
 
 
  
 
The Team at Swanson Reed are very experienced R&D Tax Advisors and gave us ongoing support with all of our R&D Claims, the consultants ensured we were always working with current legislative guidelines, gave us assistance with compiling technical and government documentation and went out their way to ensure they were with us for the entire process from beginning to end.  Highly recommended to anyone who needs assistance with working through what can at times be a daunting process.
  
 
 
  
 
 
 
 Gary Watson 
 
 
 Gary Watson 
 
2022-05-31
 
 
  
 
We can highly recommend Swanson and Reed as an R & D accountant. We have worked with them for several years now as they make our R & D claim so easy and communicate quickly with both us and our accountant.
  
 
 
  
 
 
 
 Rob van den Bergh 
 
 
 Rob van den Bergh 
 
2022-05-31
 
 
  
 
Always professional.