Ann: Successful $15M Capital Raise and Media Speculation Response, page-43

RoyE, I think your thinking is likely to be close to the mark. Can we also read into this that by not outright rebuffing SFR's approach the MOD Board seems to have some intent here to exit stage left?  Either way there seems to be some ST upside and a possible arbitrage trade on the placement not proceeding.

MOD rejects $63m Sandfireall-paper bid, but keeps door open for improvement

MOD rejects $63m Sandfire all-paper bid, but keeps door open for improvement January 21, 2019 MOD Resources has rejected a $63m all-share takeover offer from Sandfire Resources, saying it undervalued the firm and that it had sufficient capital to take its Botswana project, T3 Copper Project, to an investment decision. However, it kept the door open to a higher offer. 

https://www.miningmx.com/top-story/35640-australias-sandfire-tables-63m-offer-for-botswana-developer-mod-resources/