The new shares will be issued at a price of 2.9c each.
The raising follows a recent scoping study that outlined a $US135 million open cut mining and processing operation yielding about 22,000 tonne per annum of copper at cash costs of $1.29/lb.
The company believes the historically ignored Kalahari copper belt has very high prospectivity.
MOD has a 70% stake in the project, with aim listed Metal Tiger holding the balance.
The company raised $A2 million back in April when it issued new shares at 3c.
MOD shares rose from about 3c to 6c over the month of August before subsequently falling away.
At a price today of 3.2c, the stock was capitalised at $45 million.
