25.3 C
Supported byspot_img

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

Member of Europium Groupspot_img
Supported byspot_img

Major shareholder Noble Group has underwritten the fund raising.

Aspire Mining Ltd 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.

Supported by

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.

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.

Source: proactiveinvestors

Supported byElevatePR Digital

Related News

Renewable energy boom spurs demand for copper and critical minerals: Emphasizing responsible mining

The global push towards renewable energy is set to significantly increase demand for critical minerals and metals such as lithium, copper, manganese and rare...

Euro Manganese advances with successful commissioning of high-purity manganese facility

Euro Manganese Inc. has successfully completed the commissioning of its high-purity manganese Demonstration Plant at the Chvaletice Manganese Project in the Czech Republic. This...

Rio Tinto Assures on 2500 Pages – There is a Solution for Every Danger

Rio Tinto executed a move announced six months ago – they published drafts of environmental impact studies on how harmful the lithium mine in...

Geopolitical struggle over Central Asia’s rare-earth reserves

Central Asia, encompassing Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Afghanistan and Mongolia, holds vast untapped reserves of rare-earth minerals. Recent global developments have thrust these...
Supported by
Supported by
Supported by
error: Content is protected !!