Sign up Australia
Proactive Investors - Run By Investors For Investors

Aspire Mining closes rights issue to support development of Nuurstei coal mine

Major shareholder Noble Group has underwritten the fund raising.
Australian currency
The Mongolian coal explorer will raise up to $16.5 million

Aspire Mining Ltd (ASX:AKM) has closed its 6:5 renounceable rights issue which will raise up to $16.5 million.

The funds will be used to expedite development of Aspire’s 90% owned Nuurstei Coking Coal Project in Mongolia.

The company aims to take the project into production within 18 months.

There was a shortfall in take up of the offer by eligible shareholders.

The rights issue is fully underwritten by the company’s major shareholder Noble Group (SGX:CGP).

READ: Aspire Mining rights issue to unlock coking coal production

Allocation of the shortfall will be made in consultation with the underwriter.

All new securities under the offer are expected to be issued on 11 December 2017.

Normal trading is expected to commence on 12 December 2017.

Board members support rights issue

Aspire’s board members agreed to take up entitlements to a combined total minimum of A$500,000.

The company now plans to undertake a drilling and exploration program at the Nuurstei project.

This aims to increase current resources and establish an ore reserve, which will lead to a new resource model planned to be complete in the first quarter of 2018.

View full AKM profile View Profile

Aspire Mining Ltd Timeline

Related Articles

Burning coal
November 24 2017
The coal mine and mine mouth power station developer expects 2018 will be a game changer as its Pakistan project takes shape
Aspire Mining's David Paull at Proactive's CEO Sessions
November 17 2017
David Paull presenting at Proactive's CEO Sessions.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use