EQ Resources is progressing well with its strategic initiatives, including the acquisition of Saloro S.L.U., a leading European tungsten producer.

The company, which owns Australia's primary tungsten producer, is in the final stages of acquiring the Barruecopardo Tungsten Operation in Spain.

EQ Resources has fulfilled all requirements, including an acquisition and a $25 million placement at 9 cents per share.

The $25 million subscription proceeds have been received and are awaiting final confirmation for share issuance and the formal closing of the transaction.