Aspire has high hopes for funding
PERTH (miningweekly.com) – Junior coal developer Aspire Mining is hoping to raise up to A$6-million through in a share placement to fund the exploration of the Nuurstei and Ovoot coking coal projects, and to negotiate a rail agreement in Mongolia.
The company said on Wednesday that the share placement was aimed at raising a minimum of A$2.75-million and a maximum of A$6-million, with Aspire receiving firm commitments totalling A$2.1-million from each of its directors to participate in the capital raise.
Existing shareholders would be invited to participate in the capital raise through a A$2-million priority allocation pool, with each shareholder entitled to subscribe for A$15 000 in new shares.
The shares will be priced at 2c each, representing a 4.7% discount to the company’s closing price on April 24, and every two shares would come with one attaching option, exercisable at 3c each, with a two-year term.
Aspire MD David Paull said on Wednesday that the company was encouraged by the substantial pre-commitment in place, prior to the start of the capital raise.
Funds raised would also go towards debt servicing and general working capital, Paull said.
The Mongolian government recently approved a new national rail policy, which included the extension of a rail from Erdenet to Aspire’s Ovoot coking coal project, and on to the Russian border at Arts Suuri. The new rail line was considered an important connection between Russia, Mongolia, and through the Trans-Mongolian Railway, to China.
The $144-million Ovoot project would have an initial production of five-million tonnes a year, with first production targeted for 2017.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...
VISIT SHOWROOM
Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
