Key Points The key items from the Finding Certificate include that: The (project) activities are eligible (Advance Finding) The project is an approved overseas activity (Overseas Ruling) There are no exceptions This outcome has significant positive implications across the core aspects of our India Project, including in relation to: Project Financing Project Structure (Resolution 6 of the 2016 AGM) Matmor Overseas Ruling Application Project Financing The Company is eligible for, and has received, rebates under the AusIndustry R&D Tax Incentive Scheme for domestic expenditure. This ruling extends that eligibility to the Coldry related overseas R&D activities proposed in India. An important part of the Company’s Capital Management Plan has been the forward factoring of anticipated R&D refunds. This facility is currently provided by Brevet Capital Advisers LLC. On 22 December 2016, the Company announced that it has entered a term sheet in relation to a $10 million debt finance facility with Brevet to support the Company’s estimated one-third contribution to the India project. The announcement noted two key conditions precedent: a) ECT receiving an overseas ruling from AusIndustry for the Indian project and, b) the Indian partners each co-contributing their 1/3 funding of the project.
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