Shares of EQ Resources (ASX:EQR) have reportedly increased by up to 15.8%, reaching A$0.088.

This is the highest recorded value since the 27th of April.

The surge in value follows the company’s announcement of an agreement on binding terms to purchase a European tungsten producer, Saloro S.L.U., from Oaktree Capital Management.

On top of this purchase, it has been reported that Oaktree will be investing A$25 million into EQ Resources, which will be done via a 278 million new ordinary share subscription with a share price of A$0.09 each.

EQ Resources' stocks have experienced a dramatic increase, seeing a 58.3% rise year-to-date.

EQ Resources is a mineral exploration company.