QX Resources (ASX:QXR) has entered a framework agreement with Bayrock Resources to assist with the financing and development of its two highly prospective nickel, copper and cobalt projects in northern Sweden.
QX Resources says it has already invested approximately $600,000 to support the Australian unlisted company, and will also underwrite a rights entitlement issue to existing shareholders.
The funds raised will be used to add value by commencing exploration, make further payments under acquisition agreements, repay QX Resources' loans, and for working capital.
If successful, QX Resources will be offered a position on the Bayrock board and will make introductions to potential end users in the battery supply chain.