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ASX ANNOUNCEMENT 23 May 2016
Record Date for EDI Credits to Shareholders
Marmota Energy Limited (ASX: MEU) ("Marmota")
Key Points
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Record Date for EDI Credits eligibility is: 27 May 2016
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Marmota to issue $170,000 EDI credits to shareholders
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Exploration Development Incentive ("EDI") scheme to apply to 2014/15 tax year
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Eligible shareholders will be able to use EDI Credits for 2015/16 tax year.
Background
On 13 May 2014, the Federal Government announced the introduction of the Exploration Development Incentive scheme ("EDI"). On 19 March 2015, legislation enabling the EDI received Royal Assent. The EDI scheme allows small mineral exploration companies without taxable income to provide exploration credits, paid as a refundable tax offset, to their Australian resident shareholders for greenfields mineral exploration. The first year of the EDI scheme applies to greenfields mineral exploration during the 2014/15 tax year.
Marmota To Issue $170,000 EDI Credits To Our Shareholders
Marmota has elected to participate in the EDI scheme for the 2014/15 tax year and to pass on the benefits of this scheme to our shareholders. Marmota will therefore issue EDI credits for the 2014/15 expenditure to eligible shareholders.
Australian resident shareholders that are issued with an exploration credit will be entitled to a refundable tax offset or additional franking credits. The exploration company's carry forward losses are reduced proportionately to reflect the amount of exploration credits created.
Record Date and Mailing of EDI credits
The record date for the determination of EDI Credits is: 27 May 2016.
Applicable EDI Credits will be issued to shareholders based on their holding on the record date.
More Detail
More information about the EDI Credits can be found on the ATO website at:
https://www.ato.gov.au/Business/Exploration-Development-Incentive/Questions-about-the-EDI/
Marmota is also eligible to issue EDI credits for the 2015/16 and 2016/17 taxation years, and may elect to participate again in those years as well.
For further information, please contact:
Marmota Energy Limited
David Williams Managing Director Email: [email protected]
Unit 6
79-81 Brighton Road Glenelg SA 5045 ABN: 38 119 270 816
T: (08) 8294 0899
F: (08) 8376 8633
www.marmotaenergy.com.au
About Marmota Energy Limited
Marmota Energy Limited (ASX: MEU) is a South Australian mining exploration company, focused on gold, copper and uranium. Gold exploration is centered on the Company's dominant tenement holding in the highly prospective and significantly underexplored Gawler Craton, near the Challenger gold mine, in the Woomera Prohibited Defence Area. The Company's cornerstone copper project is based at the Melton project on the Yorke Peninsula. The Company's largest uranium project is at Junction Dam adjacent to the Honeymoon mine. For more information, please visit: www.marmotaenergy.com.au