Australia's EQ Resources gains on acquiring European tungsten producer

EQ Resources

10/08/2023 02:35

** Shares of EQ Resources  EQR.AX  rise as much as 15.8% to
A$0.088, their highest since April 27
    ** The mineral explorer says it agreed binding terms to
acquire European tungsten producer Saloro S.L.U. from Oaktree
Capital Management 
    ** Co says as part of the transaction, Oaktree will invest
A$25 mln ($16.33 mln) into EQR, through the subscription of 278
million new ordinary shares at A$0.09 per share
    ** EQ stock up 58.3% YTD, as of last close
 

     ($1 = 1.5314 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))