March 6 (Reuters) - MOD Resources Ltd MOD.AX :
* RECEIVED FIRM COMMITMENTS TO RAISE $12 MILLION IN AN OVERSUBSCRIBED SHARE PLACEMENT TO INSTITUTIONS AND SOPHISTICATED INVESTORS
* ALSO ANNOUNCES FULLY UNDERWRITTEN NON-RENOUNCEABLE RIGHTS ISSUETO RAISE ABOUT $6.3 MILLION
* RIGHTS ISSUE ENTITLES SHAREHOLDERS TO SUBSCRIBE FOR 1 NEW SHAREFOR EVERY 16 SHARES HELD AT $0.047 PER SHARE