This investment follows the $33.5 million share placement to Mr Tserenpuntsag at 2.1 cents a share completed on December 3 2019.
The placement and exercise of the options were approved by an overwhelming majority of shareholders at Aspire’s annual general meeting in Perth on November 29, 2019.
$43 million cash at bank
Aspire now has about $43 million in cash at bank and no debt, leaving it ideally positioned to advance the first-stage development of its 100%-owned, world-class Ovoot Coking Coal Project in northern Mongolia.
Mr Tserenpuntsag is a Mongolian entrepreneur and businessman with strong relationships across all levels in Mongolia and a desire to see Ovoot developed for the benefit not just of Aspire shareholders but also the people of Mongolia.
Ovoot Early Development Plan
Aspire is targeting early production from Ovoot through the start-up Ovoot Early Development Plan (OEDP), which will see an operation delivering up to 4 million tonnes per annum of high-quality ‘fat’ coking coal via road and rail to steel mill customers in China and Russia.
A definitive feasibility study is underway and scheduled for completion around May 2020 subject to receipt of the necessary approvals and permits.
Assuming finance is secured and all permits received by Q1 2020, Aspire expects to commence pre-stripping of waste at Ovoot from Q3 2020.