Mr. Alex Dorsch reports
CHALICE TO DISTRIBUTE EDI TAX CREDITS TO SHAREHOLDERS
Chalice Gold Mines Ltd. will be participating in the exploration development incentive (EDI) for the tax year ending June 30, 2018.
In March, 2015, the Australian federal Parliament passed legislation introducing the EDI scheme with effect from July 1, 2014, to run for three years based on an annual application process. The Australian Taxation Office (ATO) is the administrator of the scheme.
The EDI scheme enables eligible exploration companies to create exploration credits to distribute to shareholders by forgoing a portion of their carried forward tax losses that have arisen from allowable expenditure on greenfield exploration.
The company will distribute $103,320.82 of tax credits to shareholders under the EDI. The company currently has 261,210,294 shares on issue, therefore equating to an EDI distribution of approximately 0.0396 cent per share.
The record date for shareholder eligibility under the EDI is May 30, 2018. For shareholders to be eligible to receive a pro rata distribution of tax credits from the company, they must hold ordinary shares in the company as at 5 p.m. WST on May 30, 2018. EDI tax offsets are only available to Australian tax resident shareholders.
Eligible shareholders will be issued EDI tax credits available to them on June 30, 2018, and will be able to claim tax offsets in the 2017/2018 tax year.
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