Thursday 28th February 2013
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MOD Resources, the ASX-listed gold, copper and silver explorer with permits in the South Island's Golden Bay region, has raised A$2.5 million in a placement to Hong Kong-based Meriton Capital.
The placement was for 50 million MOD shares at 5 Australian cents apiece, compared to their last trading price on the ASX of 4.8 cents. Meriton now owns 9.6 percent of MOD, the Western Australia-based company said in a statement.
MOD's Sams Creek Gold subsidiary has an exploration permit for Barrons Flat, which is directly adjacent to the 1.024 million ounce Sams Creek Gold Project in Golden Bay, of which MOD owns an initial 40 percent in a venture with OceanaGold.
The company has two drilling programmes underway at Sams Creek and at the Botswana Copper Project, which lies within Africa's Kalahari Copper Belt.
MOD shares have fallen 4 percent this year.
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