Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
EQ Resources Limited ( (AU:EQR) ) has issued an update.
EQ Resources Limited has successfully completed its Share Purchase Plan (SPP), raising approximately $1.8 million, which was below the initial target of $3 million. Despite the shortfall, the company received strong support from shareholders, reflecting confidence in its strategic direction and the tungsten market. The funds will be used for capital projects, plant expansion, and optimization at its Mt Carbine and Barruecopardo mines, as well as reducing debt and strengthening the company’s balance sheet. This initiative complements the $18.8 million raised through a prior equity placement, underscoring EQ Resources’ commitment to enhancing its operational capabilities and market position.
More about EQ Resources Limited
EQ Resources Limited is a leading global tungsten mining company dedicated to sustainable mining and processing practices. Listed on the Australian Securities Exchange, the company focuses on expanding its tungsten assets at Mt Carbine in North Queensland, Australia, and Barruecopardo in Salamanca Province, Spain. Utilizing advanced minerals processing technology, EQ Resources aims to be a globally leading supplier of tungsten, a critical mineral, while exploring opportunities within the new economy and critical minerals sector.
Average Trading Volume: 1,698,507
Technical Sentiment Signal: Sell
Current Market Cap: A$91.02M
For an in-depth examination of EQR stock, go to TipRanks’ Overview page.