Up to $220,000 worth of shares will be placed to a new investor priced at $0.03.
Neil Lithgow, director and substantial shareholder has also exercised $100,000 worth of options, priced at $0.03.
Aspire is the largest coal tenement holder in Mongolia’s Northern provinces and is the 100% owner of the Ovoot Coking Coal Project which is the second largest coking coal project by reserves in Mongolia.
The Ovoot project development is dependent on the construction of the Erdenet to Ovoot railway which is being progressed by Aspire’s subsidiary Northern Railways.
Production from the Ovoot project can coincide with the commissioning of the Erdenet to Ovoot railway.
Aspire also currently owns a 50% interest in and is the operator of the Ekhgoviin Chuluu Joint Venture (ECJV), and has an option to increase its ownership to 100% of the ECJV.
The ECJV owns a 90% interest in the Nuurstei Coking Coal Project which has a 12.85 million tonne JORC resource.
Nuurstei is well placed to be an early user of the proposed Northern Railway Project which will service Aspire’s Ovoot Coking Coal Project.
Nuurstei is viewed as a low capital cost starter project which could assist with the development of the much larger Ovoot Coking Coal Project which is 160 kilometres further to the west.
While tonnages at Nuurstei are modest, the project presents as a commercial scale pilot project for logistics and market development.
The stock is up 300% or 4x year to date trading at $0.032.
Aspire’s inclusion in the Economic Corridor in late June has been a key price catalyst for the stock.