MOD looks to 'turbo charge' growth

COPPER developer MOD Resources has raised A$18.3 million as it looks to realise the full potential of its vast landholding in Botswana’s Kalahari Copper Belt.

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The company has received firm commitments to raise $12 million in an oversubscribed placement to institutional investors.

Blue Ocean Equities and Ashanti Capital were joint lead managers to the placement.

In addition, MOD will conduct a fully underwritten non-renounceable rights issue on a one for 16 basis to raise an additional $6.3 million.

The issue price for both offers is 4.7c, a 9.8% discount to the 15-day volume-weighted average price of MOD shares.

Blue Ocean will sub-underwrite the rights issue, with Hong Kong investment fund LIM Advisors agreeing to sub-underwrite.

The proceeds of the offers will be used to expand exploration along the T3...