Australia's EQ Resources falls on discounted placement

EQ Resources

13/12/2024 02:23

** Shares of EQ Resources  EQR.AX  fall as much as 20% to
A$0.04, their lowest levels since Aug 26
    ** The tungsten miner receives firm commitments to raise
A$4.9 mln ($3.12 mln) via placement
    ** Issue prices of A$0.04 represents a discount of 20% to
stock's last close on Dec 6
    ** Says proceeds from the placement to be used to fund
capital projects related to plant expansion, other works, at Mt
Carbine, among others
    ** About 2.4 mln shares change hands, 1.8 times the 30-day
average volume of shares
    ** Stock has fallen 12.3% this year, as of last close

     ($1 = 1.5723 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))