"As at March 31, 2013, the Corporation had incurred $74.9 million in capital costs for the construction, equipment and installation of its HPA production plant, of which $23.7 million represents RITCs.
Construction costs on expenditures related to the construction and expansion of manufacturing and processing facilities in the Gaspé region of Québec, incurred in 2012 and in 2013 and not exceeding $75 million, are eligible for an RITC of 40%, while amounts exceeding $75 million are eligible for an RITC of 5%, subject to approval from the tax authorities. The Corporation has pledged all of its 2012 and 2013 RITC as security for the $25 million of convertible debentures issued in December 2012."
So working backwards, we get that $ 59.25 million are "ELIGIBLE CONSTRUCTION COSTS" (@ March 31, 2013) for 2012 and the first three months of 2013.
Does this include ANY of the "Provision for Billing Dispute of $14.3 million" from GASTIER MP?
I have NOT read the material document but does ANYBODY on this BB KNOW if the CASH REFUNDS from the Quebec RITC are to be placed in a SEGREGATED TRUST until redemption of the CD?
Also, will the Quebec government ONLY PAY OUT the RITCs IF AND ONLY IF the HPA plant is DECLARED a COMMERCIAL OPERATION (ie: Phase II @ 3 tpd)?
This is my opinion only.