- EQ Resources (EQR) has entered a trading halt for the purpose of an upcoming capital raising
- The company will remain in the halt until March 15 or when an announcement is released, whichever occurs first
- In late February, EQR submitted a preliminary briefing report to Northern Australia Infrastructure Facility for assessment of debt funding and upgrades for the Mt Carbine tungsten mine
- The company believes this upgrade aligns with the Government’s intention to support the security of critical minerals as well as strengthening regional development
- Shares in EQR last traded at 3.9 cents on March 10
EQ Resources (EQR) has entered a trading halt for the purpose of an upcoming capital raising.
The company will remain in the halt until March 15 or when an announcement is released, whichever occurs first.
EQR is yet to disclose how much it intends to raise or what it will do with the funds once received.
In late February, EQR submitted a preliminary briefing report to Northern Australia Infrastructure Facility for assessment of debt funding and upgrades for the Mt Carbine tungsten mine.
EQR believes this upgrade aligns with the Government’s intention to support the security of critical minerals as well as strengthening regional development.
“Engagement with various government departments and programs has been, to date, extremely positive and encouraging, and we look forward to building on the momentum and continuing our work to secure the future and strategic development of critical minerals,” CEO Kevin MacNeill stated at the time.
EQR last entered a trading halt in February 2020 regarding a $4.5 million capital raising.
All up, 125 million fully paid shares were issued to shareholders at 3.6 cents.
Once received, the funds were used to speed up development of EQR’s pretreatment plant and improve the infrastructure of the X-Ray ore sorter.
Shares in EQR last traded at 3.9 cents on March 10. The company has a $43.29 million market cap.