MOD Resources is aiming to “turbo charge growth” at its assets in the Kalahari copper belt in Botswana, Africa.
The company has raised $18.3 million to fund a major expansion of its exploration activities, with the majority of the raising to be used on activities along the T3 Dome, T20 Dome and across the wider 12,600km2 of regional holdings.
MOD’s planned expansion would complement a drilling program focusing on the T3 pit extension, T3 underground and T1 underground projects, as well as the T-Rex exploration target.
In the June quarter, MOD plans to launch drilling of high-priority targets in the T3 Dome area and then in the T20 Dome, 100km to the west.
To fund these activities, the junior company has raised $12 million in an oversubscribed share placement by issuing more than 255 million shares to institutional investors. It raised another $6.3 million in a rights issue.
MOD managing director Julian Hanna said: “The company is well funded to complete the T3 pit feasibility study and conduct a major expansion to the exploration campaign with numerous identified drill ready targets across our vast regional licence holding.”