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With a further $5 million fully underwritten Rights Issue to be offered to existing shareholders in order to raise $10 million through an institutional share Placement, MOD Resources Limited is pleased to announce that it has received firm commitments. Within the surrounding T3 Expansion Project area most funds are intended to advance the T3 Copper Project for defining additional resources and working capital towards production. The total of the capital raisings comes out to be $15 million.
The company announces receipt of a conditional, unsolicited, non-binding, and indicative proposal by ASX listed Sandfire Resources NL following media speculation. For MODâs unique and extensive assets, the Board believes that this proposal undervalues the same. Offering a dominant copper-belt scale opportunity MODâs T3 Copper Project in Botswana lies within a largely under-explored, highly prospective region.
To decide to mine in the first half of 2019, the company continues to progress the T3 Feasibility Study. The company is delighted to disclose that it has received firm commitments to raise $10 million, via the issue of about 33.33 million fully paid ordinary shares to the sophisticated and institutional investors.
Using the companyâs existing Listing Rule, the placement will be conducted. This premium specifies the opportunity that T3 Copper Project and the regional exploration represents confidence in the company to shareholders and strong shareholder.
From eligible shareholders offering one new share per 13 shares held, to raise approximately $5 million to make sure that all shareholders can participate in the capital raising. Ashanti Capital Issue the Rights which is fully underwritten. The Rights Issue will be priced at $0.24 per share which is a price that reflects the company's last closing share price on ASX.
To complete a 2019 capital works, program, the funds raised from the Placement and Rights Issue are intended to be used. Commitment to take up their entitlements in the Rights Issue have been made by the company's Board of Directors and Metal Tiger Plc.
Sandfire Resources NL (ASX:SFR) under the metals and mining sector traded at a market price lower by -2.564% at $6.840. The market capitalization of the stock is $1.12 billion at current price. The stock has an EPS of 0.779 AUD and the P/E of 9.020 which is decent as per industry standards. In the past month, the company has performed up by 12.32%. However, in one year, the performance change has been negative -2.09%.
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