23 Oct 2019 10:01
23 October 2019
MOD Resources Limited
("MOD" or the "Company")
Cancellation of Unlisted Options
MOD Resources Ltd (ASX/LSE: MOD) (the Company) advises that following the announcement on 9 October 2019 that the Scheme of Arrangement with Sandfire Resources NL (ASX:SFR) has become effective, the following unlisted options have been cancelled effective immediately in accordance with the Option Deed entered into with Sandfire Resources NL by MOD option holders;
·; 3,015,000 unlisted options exercisable at $0.457 on or before 30 January 2023, vesting 12 months from the date of issue and subject to a restriction period to 30 January 2022;
·; 3,015,000 unlisted options exercisable at $0.707 on or before 30 January 2023 vesting 24 months from the date of issue and subject to a restriction period to 30 January 2022;
·; 3,015,000 unlisted options exercisable at $0.907 on or before 30 January 2023 vesting 36 months from the date of issue and subject to a restriction period to 30 January 2022;
·; 5,030,000 unlisted options exercisable at $0.522 on or before 12 April 2023 vesting 36 months from the date of issue and subject to a restriction period to 12 April 2022 and
·; 3,630,000 unlisted options exercisable at $0.435 on or before 29 May 2023 vesting 36 months from the date of issue and subject to a restriction period to 29 May 2022.
Following cancellation of these Unlisted Options, the Company's capital structure is as follows;
Number | Class | ||
370,157,018 | Fully Paid Ordinary Shares |
For and on behalf of the MOD Board.
Julian Hanna Managing Director | Mark Clements Executive Chairman and Company Secretary |
Jeff Sansom Investor Relations E: IR@modresources.com.au P: +61 (8) 9322 8233 | Jos Simson / Emily Moss (UK PR & IR) Tavistock P: +44 (0) 207 920 3150 P: +44 (0) 778 855 4035 E: MOD@tavistock.co.uk |
Subscribe at: www.modresources.com.au
About MOD Resources
MOD Resources Ltd (ASX/LSE: MOD) is a dual listed copper exploration and development company with a dominant land position within the Kalahari Copper Belt in Botswana. The Company is focussed on developing the 100% MOD owned T3 Copper Project, which has potential to be a high-margin, low-cost copper mine. In parallel with the progressing towards the development of the T3 Copper Project, MOD has undertaken substantial exploration programs across several priority drill targets and within untested areas of interesting and potentially significant Electromagnetic and Cu-Zn soil anomalies.
MOD and its in-country operating companies Tshukudu Metals Botswana (Pty) Ltd and Tshukudu Exploration (Pty) Ltd have a social licence to operate within Botswana as well as within the host community of Ghanzi. MOD continues to work collaboratively with Government regulators and members of the Ghanzi District community to ensure that any social investments and developments are targeted to create a positive and lasting legacy.
On 25 June 2019, the Company announced that Sandfire had made an offer to acquire 100% of MOD shares by way of a Scheme of Arrangement and on 1 October 2019, MOD shareholders approved the transaction at a General Meeting and a Scheme Meeting. The Scheme of Arrangement was approved by the Supreme Court of Western Australia on 8 October 2019.