Aspire to raise A$32.8m for Mongolian project
PERTH (miningweekly.com) - ASX-listed Aspire Mining has completed a A$32.8-million capital raising to explore its Ovoot coking coal project, in Mongolia, and complete feasibility studies.
The company placed 80-million fully paid ordinary shares at 41c a share to institutional and sophisticated investor. Major shareholder SouthGobi Resources supported the placement and exercised its anti-dilution top-up rights to hold a 19.9% shareholding in Aspire.
SouthGobi woud take around 14.3-million new shares under the placement.
“The funds raised will allow Aspire to complete prefeasibility and feasibility studies on the Ovoot project and facilitate an aggressive exploration programme which we expect to add further tons to the overall project and drive long-term shareholder value,” said Aspire MD David Paull.
“We are very pleased with the support for the placement, and we have been able to bring on board investors who are interested in our long-term growth aspirations and the strong demand for the placement demonstrates market support for the Ovoot coking coal project.”
Paull noted that the latest drilling results from the north of the existing Ovoot resource area suggested that the company would be able to expand the size of the project as it continued its exploration programme over the coming winter months.
The Ovoot coking coal project comprised six granted licences covering 509 km2 of land area and is located in the Khuvsgul province, in Northern Mongolia, with close proximity to China and Russia.
The project currently has a 330.7-million ton resource, of which 93.3-million tons is in the measured category and 182.4-million tons is in the indicated category. The company was currently targeting a resource upgrade at Ovoot, as well as progressing development of key infrastructure, including access to rail.
Edited by: Creamer Media Reporter
The company placed 80-million fully paid ordinary shares at 41c a share to institutional and sophisticated investor. Major shareholder SouthGobi Resources supported the placement and exercised its anti-dilution top-up rights to hold a 19.9% shareholding in Aspire.
SouthGobi woud take around 14.3-million new shares under the placement.
“The funds raised will allow Aspire to complete prefeasibility and feasibility studies on the Ovoot project and facilitate an aggressive exploration programme which we expect to add further tons to the overall project and drive long-term shareholder value,” said Aspire MD David Paull.
“We are very pleased with the support for the placement, and we have been able to bring on board investors who are interested in our long-term growth aspirations and the strong demand for the placement demonstrates market support for the Ovoot coking coal project.”
Paull noted that the latest drilling results from the north of the existing Ovoot resource area suggested that the company would be able to expand the size of the project as it continued its exploration programme over the coming winter months.
The Ovoot coking coal project comprised six granted licences covering 509 km2 of land area and is located in the Khuvsgul province, in Northern Mongolia, with close proximity to China and Russia.
The project currently has a 330.7-million ton resource, of which 93.3-million tons is in the measured category and 182.4-million tons is in the indicated category. The company was currently targeting a resource upgrade at Ovoot, as well as progressing development of key infrastructure, including access to rail.
Edited by: Creamer Media Reporter
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