Kalium Lakes Ltd (KLL) has announced that Innovation Science Australia has granted approval to the overseas research and development activities for the Beyondie Sulphate of Potash Project, in relation to its lodged Overseas Findings application for 2015/16.
KLL is now eligible to claim tax offsets for overseas research expenditure on activities approved by the application.
Regarding the 2015/16 income year, KLL has received a total US$1 371 736 in R&D tax offsets for the 2015/16 income year for both Australian and overseas R&D activities in relation to the Beyondie Sulphate of Potash Project.
Managing Director, Brett Hazelden, said: “The receipt of the US$536 000 in R&D tax offset funds, in addition to the recently completed US$6 million Initial Public Offer raise, puts KLL in an enviable cash position. This approval allows Kalium Lakes to confidently continue the R&D activities associated with the design and development of the Beyondie Sulphate of Potash Project.”