MOD raises funds to ‘turbo charge’ Kalahari copper belt growth

Australia-listed MOD Resources has raised $18-million to “turbo charge” its growth plans in the Kalahari copper belt of Botswana, where a drilling programme is set to be expanded. The exploration company on Tuesday announced that it had raised $12-million in an oversubscribed share placement by issuing 255 319 148 shares at $0.047 each to a number of institutional investors. A further $6.3-million was raised in a rights issue.