Zentek ( (TSE:ZEN) ) has issued an update.
Zentek Ltd. announced that the Canada Revenue Agency (CRA) has completed an audit of the company’s 2018 and 2019 renunciation of Canadian exploration expenses (CEE) related to flow-through financings. The audit resulted in a reclassification of approximately $507,000 of the renounced expenses for 2018, leading to a tax assessment of $59,693. Zentek anticipates a similar reclassification for 2019 and has committed to indemnifying subscribers for tax liabilities arising from disallowed renunciations, with a maximum liability expected to be around $527,000. This development may impact Zentek’s financial obligations and its stakeholders, particularly those involved in the flow-through financings.
More about Zentek
Zentek Ltd. is an ISO 13485:2016 certified intellectual property technology company focused on the research, development, and commercialization of innovative products. The company aims to provide its commercial partners with a competitive edge by enhancing the safety, efficiency, and environmental friendliness of their products. Zentek’s patented technology platform, ZenGUARD™, is designed to significantly improve bacterial and viral filtration efficiency in surgical masks and HVAC systems. The company’s production facility is located in Guelph, Ontario.
YTD Price Performance: -6.43%
Average Trading Volume: 44,440
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $95.33M
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