Barton Allocated $1,488,500 in JMEI Tax Credits
Available for distribution to new eligible investors before 30 June 2025
HIGHLIGHTS
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Up to $1,488,500 in refundable tax offsets / franking credits available to eligible investors
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Offsets / franking credits apply to new shares issued during the 2024 / 2025 financial year
ADELAIDE, AUSTRALIA / ACCESSWIRE / July 14, 2024 / Barton Gold Holdings Limited (ASX:BGD)(FRA:BGD3)(OTCQB:BGDFF) (Barton or Company) is pleased to announce that it has been advised by the Australian Taxation office (ATO) that its application for the 2024/25 financial year’s Junior Minerals Exploration Incentive (JMEI) scheme has been successful.
The ATO has confirmed that JMEI credits of $1,488,500 – the maximum possible for financial year 2024/45 – have been allocated to the Company for distribution to eligible acquirors of new shares.
The JMEI Scheme
Australian resident shareholders who acquire newly issued Barton shares (for example, in a placement) between 1 July 2024 and 30 June 2025 are entitled to receive JMEI credits (Eligible Investors).
The JMEI scheme enables eligible exploration companies to create eligible refundable tax credits to distribute to Eligible Investors, who will generally be entitled to refundable tax offsets (in the case of individual shareholders or superannuation funds) or franking credits (in the case of corporate investors).
The credits that can be issued to any given investor are limited to the amount paid by an Eligible Investor to acquire new shares, multiplied by Barton’s corporate tax rate. Credits are issued proportionally to each Eligible Investor’s investment, so streaming of exploration credits to particular investors is not permitted.
Investors should be aware that Barton cannot guarantee that Eligible Investors will receive the maximum number of JMEI credits available, as the actual number received by each Eligible Investor for the 2024/25 financial year will depend on several factor including (but not limited to):
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the total number of new Barton shares issued between 1 July 2024 and 30 June 2025;
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the amount of allowable ‘greenfields’ exploration expenditure incurred by Barton during that time;
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Barton’s tax loss for the 2024/25 financial year, and
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each shareholder’s individual circumstances.
For further information about the JMEI scheme, please refer to the Australian Taxation office website here.
Commenting on the Barton’s award of JMEI credits, Barton MD Alex Scanlon said:
“We thank the ATO and the Australian Federal Government for their extensive support of Barton’s work in South Australia. Barton has a considerable track record of generating non-dilutive sources of funding, now exceeding $10 million during the past three years, and Federal Government programs have been a significant contributor.
“Barton is presently very well capitalised with over $10 million cash and has no plans to raise any new capital, however Barton’s prospective ability to distribute these JMEI credits offers considerable value to our investors.”
Authorised by the Board of Directors of Barton Gold Holdings Limited.
For further information, please contact:
Alexander Scanlon
Managing Director
a.scanlon@bartongold.com.au
+61 425 226 649
Shannon Coates
Company Secretary
cosec@bartongold.com.au
+61 8 9322 1587
SOURCE: Barton Gold Holdings Limited
View the original press release on accesswire.com