EQ Resources (ASX:EQR) said that it is continuing talks for the potential acquisition of Tungsten Metals Group and its subsidiaries after an exclusivity period expired on Jan. 31, according to a Friday Australian bourse filing.
The firm executed a binding heads of agreement with Tungsten Metals and George Chen under which, subject to certain conditions, EQ agreed to acquire 100% of the shares in the ferrotungsten producer, and separately Chen's interest in Asia Tungsten Products.
The parties have undergone a detailed due diligence process, but they have not yet executed definitive agreements, the filing said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.