EQ Resources (ASX:EQR) will raise AU$4.9 million via the placement of 122.5 million shares at AU$0.04 apiece, according to a Friday filing with the Australian bourse.
Participants will also receive free options on a one-for-one basis, exercisable at AU$0.0675 and expiring May 2027, the filing said.
Oaktree Capital Management cornerstoned 20% of the placement to increase its stake in the company to 14.2%, pending shareholder approval.
Proceeds will be used to fund capital projects for waste stripping, plant expansion, and optimization at Mt Carbine in Queensland, as well as working capital to strengthen the balance sheet, according to the filing.
Shares fell 18% in afternoon trade Friday.
Price (AUD): $0.04, Change: $-0.01, Percent Change: -18.00%
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