Mod raises more funds for copper project

Copper explorer MOD Resources launched its second capital raising in three months, tapping investors for $14.6 million to fund ongoing work at its T3 project in Botswana.

Perth-based Mod said it had raised the funds through the placement of 235.4 million shares at 6.2 cents each, representing a 2.2 per cent discount to the company’s 15-day volume-weighted average price.

The funds will be used to continue exploration work at T3, where the company is progressing a pre-feasibility study for an open-pit mine.

The raising follows the completion of a $5.5 million placement in late December, at 2.9 cents each.

“The board is extremely pleased to see such high-calibre institutions support our growth strategy by participating in this placement,” Mod chairman Mark Clements said.

“We look forward to an exciting period of exploration and project development in this highly prospective region.”

Blue Ocean Equities acted as lead manager to the placement.

Mod shares were 6.7 per cent higher to 7.9 cents each at 11am, a high set on Monday the company hadn’t achieved since 2012.