ASX-listed MOD Resources raises A$2.5M in placement to Hong Kong’s Meriton
Feb. 28 (BusinessDesk) - 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)