A bit of excitement around the cap raise but I don't believe it's to do with the 5 million required. Looking at the last quarter the position may not be too bad with increased from Salaro and there was about 5 to 6 million of once offs for the last quarterly Salaro and the impact of Jasper were significant.
The raise is of a material nature, not for debt reduction or other pure financial cause. EQR has always stated they desire to become a more integrated supplier of tungsten products not just raw ore. The movements of Masan, selling Stark to Mitsubishi but keeping Nyobolt might be a signal of something happening, May be coincidental of course, but Nyobolt would like European supplied tungsten! Anyway let's wait before jumping of buildings, but. I am suspicious that capital raise may involve an off take agreement with investment in upstream processing.
EQR Price at posting:
5.6¢ Sentiment: None Disclosure: Held
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