Core Exploration Ltd (ASX:CXO) has received a tax credit of up to $952,967 that it will distribute to eligible shareholders.
The tax credit is a result of a successful application for participation in the Federal Government’s exploration development incentive (EDI) scheme.
To be eligible, shareholders must be on the company’s register at the close of trading on Monday, 21 May 2018.
The EDI credits will be applied by the ATO to income tax assessed for the year ended 30 June 2018.
READ: Core Exploration raising $2 million; lithium resource upgrade imminent
On 20 April 2018, Core opened a share purchase plan (SPP) to raise up to $2 million at an issue price of 5.3 cents per share.
Eligible shareholder can apply for a maximum of $15,000 worth of shares before the closing date on Tuesday, 8 May 2018.
Notably, successful SPP applicants retaining their SPP shares on the 21 May 2018 will be entitled to EDI credits.
Advancing the Finniss Lithium Project
Core is fully funded to complete the pre-feasibility study and feasibility study for its Finniss Lithium Project near Darwin in the Northern Territory.