Australia's EQ Resources rises on acquiring stake in Queensland JV operation

EQ Resources

18/10/2023 03:30

** Shares of EQ Resources Ltd  EQR.AX  rise as much as 13.6%
to A$0.075, on track for their best day since Feb 28, if gains
hold 
    ** The tungsten explorer enters binding agreement with
CRONIMET Asia Pte Ltd and CRONIMET Australia Pty Ltd
    ** Under deal, co to acquire the joint venture interest of
CRONIMET Australia, a unit of CRONIMET Asia, in the Mt Carbine
tungsten operation in Queensland 
    ** Co to issue new ordinary shares at A$0.09 per share to
CRONIMET Asia, equal to a total of $7.5 mln  
    ** Says co will assume all offtake obligations for
concentrate supply from Mt Carbine to CRONIMET Asia under deal 
    ** Co's shares hit highest level since Oct. 2 
    ** EQR up 37.5% YTD, as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))