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...