Copper company MOD Resources (ASX:MOD) has announced its received firm commitments to raise $12 million dollars in an oversubscribed share placement to institutions and sophisticated investors.
The placement is the result of the issue of 2.6 million fully paid ordinary shares at 4.7 cents.
A rights issue will follow the placement to raise $6.3 million to existing shareholders on the same terms.
The majority of the funds from the placement and rights issue will be applied to the company’s exploration activities.
Shares in MOD Resources (ASX:MOD) ARE TRADING down 2 per cent to 5c.