- HitIQ (HIQ) enters a non-dilutive funding agreement with Keystonegroup Investments to gain early access to funds forecast in its R&D Tax Incentive (RDTI)
- The company will be able to access $2 million from the loan facility, which covers the majority of its forecast RDTI over the ten-month period to April 30, 2022
- It plans to draw down on the funds within five business days
- HIQ will repay the loan upon receipt of the tax refund, which is expected by the end of September
- Shares are trading flat today at 4.3 cents each at 1:36 pm AEST
Concussion management technology company HitIQ (HIQ) has entered a non-dilutive funding agreement with Keystonegroup Investments to gain early access to funds forecast in its R&D Tax Incentive (RDTI).
The company will be able to access $2 million from the loan facility, which covers the majority of its forecast RDTI over the ten-month period to April 30, 2022.
It plans to draw down on the funds within five business days.
HIQ will repay the loan upon receipt of the tax refund, which is expected by the end of September.
CEO Mike Vegar said this allows the company to pursue growth opportunities.
“This non-dilutive facility is a prudent option to strengthen our balance sheet amidst recent market volatilities and allows us to continue to progress the commercialisation of our product suite, with potential further contract wins on the near term horizon,” Mr Vegar said.
Shares were trading flat today at 4.3 cents each at 1:36 pm AEST.