EQ Resources' Unit Receives $7.5 Million Royalty-Based Funding Package from Shareholder; Shares Rise 3%

MT Newswires Live

08/15

EQ Resources (ASX:EQR) unit Saloro S.L.U has received a $7.5 million 2.5% royalty-based funding package after the finalisation of the definitive transaction documents with funds managed by shareholder Oaktree Capital Management, according to a Friday filing with the Australian bourse.

The funds will be used for the company's project and working capital, the filing said.

The company has also decided to convert $3 million of its offtake prepayment provided by shareholder Cronimet Asia to equity, the filing added.

Shares of the company rose 3% in recent Friday trade.

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