if I understood the manual correctly it should work to creat a file containing a fortran module in a folder, say /path/mods/test_mod.f90 i.e. :
module test_mod i
You need to include the .o file as well. That is, you should compile this as
.o
gfortran -I/path/to/mods -o test_prog test_prog.f90 mods/test_mod.o
This worked and ran for me.