07 OCTOBER 2014Orbitealuminae (Press Release)
Orbite receives $6.3 million second installment of Québec investment tax credits
Edited by : AL CIRCLE
1 min read
Orbite Aluminae Inc. announced today it has received $6.3 million as the second installment related to its 2012 Québec Investment Tax Credits. The funds were due to the Company in relation to equipment purchased for manufacturing and processing in the Gaspé region during the 2012 financial year.
As announced on July 22, 2014 on receipt of the first installment of $6.0 million, these funds will be deposited in a segregated account and serve as security for the convertible debentures issued in 2012. The Company anticipates receiving the balance of its 2012 investment tax credits during the remainder of 2014, with payments for 2013 expected in 2015.
Prior to this second payment, the Company had a balance of $21.7 million in Québec Investment Tax Credits to be received, of which $13.7 million relates to the 2012 financial year, $6 million to the 2013 financial year, and $2 million for 2014 as of June 30, 2014. The Company anticipates accruing another $2.3 million during the remainder of 2014, such that total Québec Investment Tax Credits under this program should reach approximately $30 million following completion of the Company’s HPA facility at Cap-Chat.
As announced on July 22, 2014 on receipt of the first installment of $6.0 million, these funds will be deposited in a segregated account and serve as security for the convertible debentures issued in 2012. The Company anticipates receiving the balance of its 2012 investment tax credits during the remainder of 2014, with payments for 2013 expected in 2015.
Prior to this second payment, the Company had a balance of $21.7 million in Québec Investment Tax Credits to be received, of which $13.7 million relates to the 2012 financial year, $6 million to the 2013 financial year, and $2 million for 2014 as of June 30, 2014. The Company anticipates accruing another $2.3 million during the remainder of 2014, such that total Québec Investment Tax Credits under this program should reach approximately $30 million following completion of the Company’s HPA facility at Cap-Chat.
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