News: Bullabulling Gold receives R&D tax credit

Bullabulling Gold (ASX:BAB, LON:BGL) has had its latest claim for an R&D tax credit approved by the Australian Taxation Office.

A rebate of about A$525,000, will be received shortly, the gold explorer added. The claim is for subsidiaries Bullabulling Gold (UK) Ltd and Bullabulling Operations Pty Ltd.

Receipt of the R&D claim, together with funds at bank and on deposit would take the company's cash holdings to A$2.6 mln as of 23 June.

The company's cash position will also benefit from non-executive directors now receiving 50% of their fees in shares, a subscription for new shares by the managing director and contractors taking part payment in shares for drilling, it said.

Bullabulling is currently fighting a hostile takeover from rival Aussie group Norton Gold Fields. Norton is majority owned by Chinese group Zijin and has made a conditional cash offer of 8c (4.4p) for each Bull bulling share.

The next closing date for the offer is 16 July. Norton had voting control over 18.73% of Bullabulling’s share capital as of last Friday.

Last year, the company received back A$4.5mln from the Australian tax office for R&D rebates.