Sharechat Logo

ASX-listed MOD Resources raises A$2.5M in placement to Hong Kong's Meriton

Thursday 28th February 2013

Text too small?

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.

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Energy efficiency key to lowering cost of renewables push - EECA
Paper recycling costs rising 35% as export markets collapse
First Union leading rivals for biggest average pay claims, says bargaining firm
Fonterra to go coal-free 11 years ahead of schedule
Huawei committed to NZ even if govt doesn’t come around on spy fears
Mercury points to peaking gains as FY production drops 10%
Asset Plus sells Heinz Watties distribution centre for $29.1 mln
18th July 2019 Morning Report
COMMENT: RBNZ's key political omission in its bank capital proposals
ANZ and Westpac credit rating outlooks downgraded to 'negative' outlook: Fitch

IRG See IRG research reports