17 DECEMBER 2014Orbitealuminae (Press Release)
Orbite receives a $4 million installment of Québec investment tax credits
Edited by : AL CIRCLE
1 min read
Orbite Aluminae Inc. announced today that the Government of Québec confirmed the Company will receive, on or about December 29, $4 million as the third installment of its 2012 and 2013 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 and 2013 financial years.
As announced on July 22 and October 6, 2014 upon receipt of the first two installments totalling $12.3 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 and 2013 investment tax credits during 2015.
Following payment of this third installment, the Company will have a balance of $12.6 million in Québec Investment Tax Credits receivable, of which $5.4 million relates to the 2012 financial year, $4 million to the 2013 financial year, and $3.2 million for the first 9 months of 2014. The Company anticipates accruing approximately $1 million during the remainder of 2014, such that total Québec Investment Tax Credits under this program as at December 31, 2014 should reach approximately $30 million.
As announced on July 22 and October 6, 2014 upon receipt of the first two installments totalling $12.3 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 and 2013 investment tax credits during 2015.
Following payment of this third installment, the Company will have a balance of $12.6 million in Québec Investment Tax Credits receivable, of which $5.4 million relates to the 2012 financial year, $4 million to the 2013 financial year, and $3.2 million for the first 9 months of 2014. The Company anticipates accruing approximately $1 million during the remainder of 2014, such that total Québec Investment Tax Credits under this program as at December 31, 2014 should reach approximately $30 million.
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