EQ Resources Completes Documents for Prepayment Facility Repayable via Set-Off Against Monthly Tungsten Oxide Concentrate Deliveries, Shares Fall 3%

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EQ Resources (ASX:EQR) completed its transaction documents with Traxys Europe for a three-year 15 million euros prepayment facility repayable via set-off against monthly concentrate deliveries of tungsten oxide, while also entering into a five-year commercial agreement with Traxys, under which 3,500 tonnes of tungsten oxide produced from its Barruecopardo mine in Spain will be sold to Traxys at the prevailing spot price of delivery, according to a Tuesday Australian bourse filing.

The value of the commercial agreement is around AU$678 million, based on current spot prices.

The proceeds from the prepayment facility will be used to refinance 15 million euros of the existing debt facilities owed by the firm's wholly-owned subsidiary Salaro.

Its shares fell 3% in recent trading on Tuesday.

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