Received funds: Northern Cobalt Ltd.’s (ASX: N27) stock surged 23.3% on July 13, 2018 with uptick in positive sentiments while the company lately received $1.375 million under the Federal Government’s Junior Minerals Exploration Incentive (JMEI) scheme. JMEI funds will be distributed to the eligible shareholders for new shares issued between 1 July 2018 and 30 June 2019. The JMEI scheme enables the eligible exploration companies to create refundable tax credits, which will be distributed to eligible shareholders by forgoing a portion of their carried forward tax losses that have arisen from allowable expenditure on “greenfield” exploration. The final amount of JMEI credits to be distributed will be impacted by the company’s expenditure on “greenfield” exploration, the tax losses incurred during 2018/19 and the number of new N27 shares issued during 2018/19. Meanwhile, N27 stock has fallen 53.85% in three months as on July 12, 2018.
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