- Lithium Australia (LIT) has received $3 million as part of its $6.3 million funding agreement with The Lind Global Macro Fund
- The company has also received a research and development rebate of nearly $1.3 million from the Australian Tax Office through its tax incentive scheme
- Additionally, VSPC has received over $876,000 from the ATO
- The company's subsidiary, Envirostream also received a $110,000 grant from Sustainability Victoria in support of its battery recycling business
- Company shares remain flat today and are trading for 6.3 cents each
Lithium Australia (LIT) has received $3 million (net of costs) as part of its $6.3 million funding agreement with New York-based The Lind Global Macro Fund.
The Lind Global Macro Fund is an entity managed by The Lind Partners and this agreement came to on December 16.
"This Funding Agreement will improve the Company’s balance sheet, allowing us to grow our business in ways that are environmentally responsible and sustainable," Company Managing Director Adrian Griffin said.
"The Lind Partners has been a long-time supporter of Lithium Australia and its directors, and we are pleased to continue our relationship with Jeff Easton and The Lind Partners," Adrian said.
Additionally, the company received an R&D rebate of $1,229,442 from the Australian Tax Office in relation to eligible activities under the ATO's R&D tax incentive scheme for the 2019 financial year.
On 10 December 2019, Lithium Australia’s 100%-owned subsidiary VSPC Ltd announced receipt of an ATO R&D rebate of $876,095 for the 2019 financial year.
That same day, Lithium Australia's subsidiary, Envirostream Australia, announced it had been awarded a $110,000 grant from Sustainability Victoria in support of its Melbourne battery recycling facility.
These funds will be used to grow the Soluna Australia battery business, commercialising the VSPC cathode business, progressing the Envirostream Australia battery recycling business and general working capital.
Lithium Australia and its subsidiaries are waiting for the outcome of two more grant applications. The company expects decisions early next year.
Company shares remain flat today and are trading for 6.3 cents each.