EDI Scheme Record Date and Distribution
Sydney, May 31, 2018 AEST (ABN Newswire) - Kingston Resources Limited (
ASX:KSN) is pleased to advise that it has been successful in its application for participation in the Federal Government's Exploration Development Incentive (EDI) Scheme for the 2017 tax year.
The EDI enables eligible exploration companies to create exploration credits (EDI Credits) by giving up a portion of its tax losses and distributing these EDI Credits to its shareholders. Australian tax resident shareholders that are issued with an EDI Credit will be entitled to a refundable tax offset (for shareholders who are individuals or superannuation funds) or franking credits (for shareholders who are companies). The Company's carry forward tax losses will be reduced by the amount of EDI Credits created.
KSN has claimed EDI expenditure of $1,458,906 for the 2017 income tax year. KSN shareholders will receive a pro-rata distribution of $437,671.80 of EDI Credits, which equates to 0.0360c per share.
Shareholder entitlements to the 2017 EDI Credits have been determined as at 5 pm (AEST) on Wednesday, 30 May 2018 (Record Date) and will be relative to the number of shares held on the Record Date as a proportion of the Company's total shares on issue on the Record Date. EDI Credits will be rounded down to the nearest dollar and the minimum EDI Credit to be issued will be $1 (Eligible Shareholders).
Eligible Shareholders as at the Record Date will be issued with the EDI Credits in the approved form on 29 June 2018. The 2017 EDI Credits can be claimed in the 2017/2018 year.
Further information on the EDI Scheme is available at:
www.ato.gov.au/Business/Exploration-Development-incentive/
Shareholders should obtain their own tax advice on the application of the EDI credits issued to them from their tax advisor.
About Kingston Resources Limited
Kingston (ASX:KSN) is a metals exploration company. Currently the Company's priority is the world-class Misima Gold Project in PNG, which contains a JORC resource of 2.8Moz Au, a production history of over 3.7Moz and outstanding potential for additional resource growth through exploration success. Kingston currently owns 70% of the Misima Gold Project.
In addition, Kingston owns 75% of the Livingstone Gold Project, WA which holds a 50koz resource and is the site of ongoing exploration and a number of high-grade historic intersections.
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