- WA-based minerals company Agrimin (AMN) has entered a trading halt in regards to a proposed capital raising
- The company will remain the halt until the earlier of December 11 or when an announcement is made
- On December 1, Agrimin received a $1.6 million tax refund under the Research and Development (R&D) Tax Incentive program
- This relates to the R&D expenditure occurred for the Mackay Potash Project in WA for the financial year ending June 30
- The refund was approved by the Australian Government’s Department of Industry, Science, Energy and Resources in October 2019
- Shares in Agrimin last traded at 52.5 cents on December 7
Agrimin (AMN) has entered a trading halt in regards to a proposed capital raising.
The WA-based minerals company will remain in the halt until December 11 or when an announcement is made.
Agrimin is yet to announce how much it is raising or what it will use the funds for.
Meanwhile, on December 1, Agrimin received a $1.6 million tax refund under the Research and Development (R&D) Tax Incentive program.
The refund was approved by the Australian Government’s Department of Industry, Science, Energy and Resources in October 2019.
This relates to the R&D expenditure occurred for the Mackay Potash Project for the financial year ending June 30.
The Mackay Potash Project spans 4370 square kilometres and is located in Western Australia, roughly 78 kilometres south of the Port of Wyndham.
It spans across Lake Mackay which is one of the world’s largest undeveloped sulphate of potash (SOP) bearing salt lakes.
SOP is a low-chlorine, potassium-based fertiliser that is used for crops that are intolerant to chlorine or that grow in dry environments where the build-up of chlorine is undesirable.
“This R&D tax refund is the result of substantial work completed as part of the definitive feasibility study, particularly in relation to the industry leading on-take pilot pond trial which successfully reached steady-state operations,” CEO Mark Savich commented.
Shares in Agrimin last traded at 52.5 cents on December 7.