Australia's EQ Resources faces worst day in 15 weeks on discounted placement

EQ Resources

03/09/2025 02:24

** Shares of EQ Resources EQR.AX fall as much as 17.1% to A$0.034, posting their biggest intraday pct drop since May 22

** Stock hits its lowest level since August 21

** Tungsten miner receives firm commitments to raise A$22.5 million ($14.62 million) via placement

** Issue price of A$0.032 per share represents a discount of 22% to stock's last close

** Co says funds will be used to support production at Mt Carbine Tungsten Mine in Far North Queensland

** About 8.4 mln shares change hands, 2.4x the 30-day average

** YTD, stock down 16.7%, including current session's move

($1 = 1.5389 Australian dollars)

(Reporting by Ananya Verma in Bengaluru)

((ananya.verma@thomsonreuters.com;))