The company is actively exploring for copper, silver and gold in and around the T3 deposit in the Kalahari Copper Belt of Botswana with AIM-listed joint venture partner Metal Tiger Plc (30%).
MOD will use the funds raised from the placement towards a substantial 2017 exploration program.
The company already had significant exploration success in 2017 with the discovery of multiple copper zones below the existing T3 resource.
Earlier this month, MOD announced an intersection of 72.6 metres at 1.5% copper and 27g/t silver, which included 18 metres at 2.7% copper and 52 g/t silver below the T3 deposit.
MOD is also progressing a pre-feasibility study (PFS) for an open pit mine at the potentially expanded T3 project, including baseline environmental studies and commencement of early stage permitting activities.
The placement, which remains subject to the clearance of funds, was done at $0.062 per share.
MOD is continuing with the strategy to test extensions to T3 and conduct a regional exploration program exploring for satellite deposits at other priority targets around T3.
The company’s share price increased by circa 95% since the start of 2017, last trading at $0.074.