RADIUM CAPITAL FACILITY - ADVANCE OF R&D TAX REBATE
Key Points - BluGlass has executed a loan agreement with Radium Capital - The facility provides an advance of the R&D Tax Rebate of ~$1M for first half of financial year 2020
BluGlass (ASX:BLG) today announced that it has executed a loan agreement with Radium Capital. This R&D Tax Incentive loan facility provides BluGlass with an immediate cash injection equivalent to 80% of the Company’s accrued R&D Tax rebate for the period of six months up to 31 December 2019 of approximately $1M. Early access to these funds will allow BluGlass to strengthen its balance sheet and help facilitate product development and testing of its laser diode products along with the advancement of our LED and microLED programs. Interest on facility advances accrues at 15% per annum. Repayment is timed to coincide with BluGlass’ 2020 R&D Rebate refund, expected by 30 September 2020.