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.
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.