Ausgold Limited (ASX: AUC) has been successful in its application for the Federal Government’s Exploration Development Incentive (“EDI”) scheme, allowing Ausgold to distribute exploration credits of up to $508,674 to eligible shareholders. Introducing the EDI scheme based on an annual application process, the Federal Parliament passed the legislation earlier.
The ATO has confirmed that a modulation factor of 1 has been applied to successful applicants; therefore 100% of the amount applied for by the Company of $1,849,725 will be available. At the Company tax rate of 27.5%, this equates to $508,674 EDI credits that will be available for distribution to eligible shareholders on a pro rata basis.
On 14 June 2018, the Company issued a total of 80,000,000 Shares to professional and sophisticated investors unrelated to the Company. The issue raised A$ 2,400,000. The purpose of this issue is to fund the Company’s exploration program at the Katanning Gold Project and to provide additional working capital.
The Shares were issued at a price of 3 cents each. The Shares are fully paid ordinary shares in the capital of the Company and rank equally in all respects with the Company’s existing Shares. The stock was trading flat at $0.028 on July 04, 2018, before market close.
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