Sign up Australia
Proactive Investors - Run By Investors For Investors

MOD Resources gets $14.6M cash boost to progress T3 deposit

Funds to be used for a substantial exploration program in 2017.
MOD Resources gets $14.6M cash boost to progress T3 deposit
MOD is progressing with a pre-feasibility study

MOD Resources (ASX:MOD) has received commitments to raise $14.6 million from an oversubscribed share placement to institutional, professional and sophisticated investors.

The company is actively exploring for copper, silver and gold in and around the T3 deposit in the Kalahari Copper Belt of Botswana with AIM-listed joint venture partner Metal Tiger Plc (30%).

MOD will use the funds raised from the placement towards a substantial 2017 exploration program.

The company already had significant exploration success in 2017 with the discovery of multiple copper zones below the existing T3 resource.

Earlier this month, MOD announced an intersection of 72.6 metres at 1.5% copper and 27g/t silver, which included 18 metres at 2.7% copper and 52 g/t silver below the T3 deposit.

MOD is also progressing a pre-feasibility study (PFS) for an open pit mine at the potentially expanded T3 project, including baseline environmental studies and commencement of early stage permitting activities.

The placement, which remains subject to the clearance of funds, was done at $0.062 per share.

MOD is continuing with the strategy to test extensions to T3 and conduct a regional exploration program exploring for satellite deposits at other priority targets around T3.

The company’s share price increased by circa 95% since the start of 2017, last trading at $0.074.

Register here to be notified of future MOD Company articles
View full MOD profile

MOD Resources Timeline

February 15 2017
December 15 2016

Related Articles

March 30 2017
PIFA Heparin PF/4 - a diagnostic test for allergic reactions to blood thinning agent Heparin - achieved an 85% jump in sales in 2016
test tubes in a laboratory
March 22 2017
It’s hived off its skin division, bolstered its board and has already won new business contracts worth €5.7mln so far this year
picture of pregnant woman
February 07 2017
MyLotus has been developed for women who have been trying to conceive for six months or more.

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use