EQ Resources (ASX:EQR) firm commitments for AU$34 million of new equity through the placement of 680 million new shares at AU$0.05 apiece, according to a Friday filing with the Australian bourse.
Additionally, funds managed by Oaktree agreed to convert the remaining AU$7.3 million of its pre-royalty loan on the Saloro operation to 145 million shares in the company at the same issue price as the placement, pending shareholder approval, the filing said.
Proceeds will support the advancement of the Mt Carbine mine operation, reduce debt, finalize outstanding trade payables, and bolster general working capital, per the filing.
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