- EQ Resources (EQR) aiming to raise $6.5 million to support the development of the Mt Carbine Tungsten Mine in Cairns, North Queensland
- Roughly 203 million shares will also issued at 3.2 cents — representing a 16 per cent discount to the 15-day volume-weighted average price
- Company directors have shown their support by subscribing for $500,000 worth of new shares but this will need to approved by shareholders
- The proceeds enable us to accelerate the feasibility study for our flagship project at Mt Carbine, CEO Kevin MacNeill said
- The funds will go towards a feasibility study, drilling and underground mining and other development work at the historical tungsten mine
- Company shares have dropped 7.69 per cent and are trading at 3.6 cents
