Latrobe Magnesium Limited (ASX:LMG) has finalised a debt facility totalling $750,000, secured against its 2018 Australian research and development tax rebate.
LMG wishes to advise the raising of $750,000 of debt facility from RnD Funding Pty Limited will assist with the company’s finalisation of its fast cycle retort (FCR) test work, completion of its bankable feasibility work and detail engineering design for the initial plant.
The components for the FCR test work have all been completed and the last component, the retort, will be delivered to CSIRO tomorrow. The connection of the parts to the furnace will be completed next week and the final commissioning of the complete FCR will be performed. Testing of material will then commence in the week starting Monday 27 November 2017.
LMG arranged the loan through RnD Funding Pty Limited for a 12 month period on very favourable terms and conditions.
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