Clifton Star CFO, which was recently forced to drop its Durparquet option in Quebec due to lack of funding, just received $2.76 million in tax credits, shoring up its working capital to $3.5 million.
Clifton is expecting to further increase it's capital through a lawsuit against Osisko (and its successors), related to a contract signed between the parties that included $22.5 million loan facility. This loan, whs ich Osisko did not make available to Clifton, would have allowed Clifton to make necessary option payments to retain its interest in the valuable Durparquet project. Clifton management believes " that it will ultimately succeed in resolving its lawsuit against Osisko and its successors," giving management an opportunity to take advantage of high quality, discounted projects available in the market.
CFO has 38.6 million shares outstanding, and last traded at 0.07 on 8,000 shares, giving it a current market cap of $2.7 million.
Clifton Star Receives $2.76 million in Quebec Tax Credits
QUEBEC CITY, QUEBEC--(Marketwired - Dec. 9, 2014) - Clifton Star Resources Inc. ("Clifton Star" or the "Corporation") (TSX VENTURE:CFO)(FRANKFURT:C3T) is pleased to announce that it has received the 2014 Quebec exploration tax credit in the amount of $318,443 it had claimed in the course of its normal 2014 tax reporting obligations, and it also received $2,445,115 for the Quebec exploration tax credit for 2009.
A thorough Tax review identified valid tax credits for 2009. An amended Quebec income tax report was filed. Discussions over the last year and a meeting with the tax authorities resulted in the issue of a credit of $2,445,115, including interest.
Clifton Star has cash on hand of $3.5 million at this time.
Additional Information
All other information previously released on Duparquet is also available on Clifton Star's website at www.cfo-star.com