Aspire Mining Ltd (ASX:AKM) has extended the timeline of its capital raising programme where new funds will be used for the acquisition of a further interest in the Nuurstei Coking Coal project and a debt restructure.
Aspire currently owns 45% of the Nuurstei Coking Coal project located in Mongolia and it intends to exercise a US$1mln option to acquire an additional 45% interest in the project.
Funds raised under the placement will also be used for a 2017 drilling and sampling programme at Nuurstei.
The raising is now open until Monday 14th August 2017, and comprises up to 200 mln shares priced at A$0.02 to raise A$4 million.
Placement shares will come with a 1:2 attaching option exercisable at A$0.025 which expire 12 months from the date of issue.
Near-term opportunity at Nuurstei
A conceptual mining study shows a competitive delivered cost for hard coking coal into northern Chinese markets based on trucking.
Nuurstei is seen as a starter project for Aspire while it progresses the 100% owned Ovoot Coking Coal Project, Mongolia’s second largest coking coal project.
During 2016, a maiden JORC resource at Nuurstei was estimated measuring 12.85 mln tonnes.
The mining license application process is advanced and additional drilling and sampling is required to convert Inferred resources into Indicated resources and build mine life.