The move follows the successful placement of stock to Mr Tserenpuntsag earlier this week that raised $33.5 million.
Aspire’s executive chairman David Paull will transition to the role of non-executive chairman from March 2020.
The company has also agreed to decrease the board to five members from seven with Alex Passmore and Gan-Ochir Zunduisuren agreeing to step down.
Targeting early production from Ovoot Project
Aspire is targeting early production from Ovoot through the start-up Ovoot Early Development Plan (OPED).
The OPED will see an operation delivering up to 4 million tpa of high-quality coking coal via road and rail to steel mill customers in China and Russia.
A definitive feasibility study (DFS) is underway and scheduled for completion around May 2020, subject to receiving permits and approvals to complete drilling.
Assuming finance is secured and all permits received by the March quarter 2020, Aspire expects to commence pre-stripping of waste at Ovoot from the September quarter 2020.