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Botswana|Copper|Exploration|PROJECT|Resources|Operations
Botswana|Copper|Exploration|PROJECT|Resources|Operations
botswana|copper|exploration|project|resources|operations

MOD completes T3 buy

16th November 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Copper developer MOD Resources has completed the acquisition of the remaining 30% interest in its flagship T3 copper project, in Botswana.

MOD in July this year signed a binding agreement with its joint venture (JV) partner Metal Tiger to acquire its share of the project for A$26.6-million.

Under the terms of the agreement, MOD will issue 17.2-million shares to Metal Tiger, resulting in the Aim-listed investment company holding a combined 12.5% interest in the MOD.

A further 40.6-million options, with a zero exercise price, will be offered allowing Metal Tiger to convert them into ordinary shares within a three-year period, providing that the conversion of these options will not result in Metal Tiger holding an interest of more than 12.5% in MOD.

MOD MD Julian Hanna said on Friday that the deal was a landmark transaction for MOD and its shareholders, noting that with full ownership of the T3 copper mine and processing plant, MOD has laid the foundations to grow into a midtier copper producer, centering its operations around the T3 hub.

“Additionally, as part of MOD’s growth strategy, the company has secured a very flexible arrangement to acquire the remaining JV exploration assets in the MOD/Metal Tiger portfolio, if they reach scoping study level within three years, and a right for MOD to acquire all Metal Tiger’s interest in the JV exploration assets by November 2021.”

Hanna said that this would allow MOD shareholders to gain maximum exposure to the upside of all future discoveries at the company’s discretion.

Edited by Creamer Media Reporter

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