- EQ Resources (EQR) enters a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until September 13 or when more details regarding the raise are released, whichever occurs first
- On August 5, EQR announced it had intersected bonanza-grade tungsten ore intercepts at the Mr Carabine Tungsten Mine in Queensland
- Up to 20 per cent tungsten trioxide was intersected with the results supporting the consideration of a phase one open-pit operation
- Shares in EQR last traded at 4.5 cents on September 8
EQ Resources (EQR) has entered a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until September 13 or when more details regarding the raise are released, whichever occurs first.
EQR is yet to disclose how much it intends to raise or what it will use the funds for once received.
On August 5, EQR announced it had intersected bonanza-grade tungsten ore intercepts at the Mt Carbine Tungsten Mine in Far North Queensland.
Overall, a best result of 9.11 per cent at 1.88 per cent tungsten trioxide from 138.79 metres including 0.37 metres at 20 per cent tungsten trioxide was returned.
EQR stated the results further supported the consideration of a phase one open-pit operation as part of the ongoing bankable feasibility study.
In its June quarterly, EQR revealed it had spent $1.07 million, with the majority going towards production.
The company also invested $539,000 in exploration and evaluation and $387,000 in property, plant and equipment.
EQR ended the quarter with just over $3.5 million in total available funding, representing 2.2 quarters of use.
Shares in EQR last traded at 4.5 cents on September 8. The company has a $59.10 million market cap.