Aspire Mining Limited
ABN: 46 122 417 243
69 Kewdale Rd Welshpool WA 6106
PO Box 1918
Subiaco WA 6904
Tel: (08) 9287 4555 ASX RELEASE
Fax: (08) 9388 1980
Web: www.aspiremininglimited.com Email: [email protected]
For Immediate Release - 16 December, 2016
Placement and Options Exercise
Equity raising completed of up to $320,000 comprising:
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Up to $220,000 placement to new investors at 3 cents per share; and
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$100,000 from the early exercise of 3 cent options by Director, Neil Lithgow.
Mongolian metallurgical coal explorer and infrastructure company, Aspire Mining Limited (ASX: AKM, the Company or Aspire), is pleased to announce that it has completed a placement to sophisticated investors as well as receiving confirmation from a major substantial share and option holder of an early exercise of options.
The equity raising of up to $320,000 includes a small placement of up to 7.333 million shares at 3 cents per share to new shareholders, and $100,000 from an early exercise of 3,333 million cent options by Non-Executive Director and substantial share and option holder, Mr Neil Lithgow. These options were due to expire in June 2017.
This small placement was made in response to interest to invest in the Company.
The funding will be applied to working capital.
END
About Aspire Mining Limited
Aspire Mining Limited is listed on the ASX (ASX: AKM) and is the largest coal tenement holder in Mongolia's Northern provinces and is focused on identifying, exploring and developing quality coking coal assets.
Aspire is the 100% owner of the world class Ovoot Coking Coal Project (Ovoot) which is the second largest coking coal project by reserves in Mongolia. The Ovoot project development is dependent on the construction of the Erdenet to Ovoot railway which is being progressed by Aspire's subsidiary Northern Railways LLC (Northern Railways). Northern Railways has been granted a rail concession in August 2015 and is progressing the negotiations and completion of a bankable feasibility study, funding, EPC contract, applications for licenses, permits and approvals to commence railway construction.
Production from the Ovoot project can coincide with the commissioning of the Erdenet to Ovoot railway.
Aspire also currently owns a 50% interest in and is the operator of the Ekhgoviin Chuluu Joint Venture (ECJV), and has an option to increase its ownership to 100% of the ECJV. The ECJV owns a 90% interest in the Nuurstei Coking Coal Project (Nuurstei) which recently announced initial JORC Compliant resources
About Northern Railways LLC
Northern Railways LLC (Northern Railways) is a Mongolian registered rail infrastructure Company, and mandated to pursue the development of the Erdenet to Ovoot Railway, is supported by a consortium consisting of Aspire Mining, and subsidiaries of fortune 500 listed China Railway Construction Corporation - China Railway 20 Bureau Group Corporation (CR20G) and China Railway First Survey & Design Institute (FSDI).
The Erdenet to Ovoot Railway extends 547km between the town of Erdenet to Aspire's Ovoot Project, which connects northern Mongolia to China and international markets. In accordance with Mongolian National Rail Policy, the Erdenet to Ovoot Railway is a multi-user rail line and will be available for the transport of bulk materials, agricultural and general freight from the region to export markets including China, Russia and seaborne markets.
The Erdenet to Ovoot Railway will play an important part in the establishment of the Northern Rail Corridor through Mongolia, the subject of a trilateral program agreed by the Presidents of China, Russia and Mongolia. The Northern Rail Corridor through Mongolia is primarily aimed at improving trade by reducing regulation, improving capacity at borders and to improve road and rail infrastructure to meet this increased demand for transport services. The Northern Rail Corridor through Mongolia links closely with Chinese policies to establish a New Silk Road to improve Euro-Asian trade, and Russia's policy of establishing a Euro-Asian economic zone.
In August 2015, Northern Railways was granted an exclusive 30 years concession by the Mongolian Government to build and operate the Erdenet to Ovoot Railway. Northern Railways is now progressing funding negotiations for the completion of a bankable feasibility study and other studies to support applications for licenses, permits and approvals, as well as progressing negotiations for the EPC contract and financing of the railway construction.
For more information contact: Corporate
David Paull Aspire Mining Ltd +61 8 9287 4555
Managing Director