16:55 AEST Dec 23, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.
Perth, Australia (ABN Newswire) -
Aspire Mining Limited (ASX: AKM) (PINK: ASPXF) ('Aspire') is pleased to announce the completion of the placement of 105,860,186 ordinary shares at A$0.19 per share to
SouthGobi Resources Limited (TSX: SGQ) ('SouthGobi').
Aspire and SouthGobi announced the Placement Agreement on 25 October 2010, under which Aspire has raised A$20.1 million through the issue of 19.9% of the company's issued ordinary share capital to SouthGobi. Aspire received shareholder approval for the placement and strategic alliance on 15 December 2010 and SouthGobi received Foreign Investment Review Board ('FIRB') approval on 22 December 2010.
The funds from the placement will assist Aspire with its 2011 exploration and resource drilling programme at the Aspire 100%-owned Ovoot Coking Coal Project in Mongolia and the payment of the deferred consideration owing in respect to the acquisition of Ovoot.
Mr Tony Pearson, SouthGobi's Vice President of Corporate Development, joined the Aspire Board of Directors today. He has previously held senior positions with the Australian Securities & Investments Commission, Citigroup's (NYSE:C) Metals and Mining Investment Banking team and Westpac Banking Corporation (ASX: WBC) (NYSE: WBK).
During his time with Citigroup, Mr Pearson advised mining clients on capital raisings, mergers, acquisitions and divestitures, particularly for Asian and Australian mining companies. At Westpac, Mr Perason was integral to the establishment of the bank's infrastructure and funds management business, focusing on financing and investment activities in the infrastructure and transportation sectors.
Aspire's Managing Director, Mr David Paull, said: 'We are very pleased to welcome SouthGobi as the company's cornerstone shareholder and look forward to a very active 2011 exploration and development programme targeted towards our Ovoot Coking Coal Project.'
About Aspire Mining Limited:
Aspire Mining Limited (ASX:AKM) is an ASX listed resource company focused on developing world class quality coking coal projects in Mongolia. The Company acquired 100% of the Ovoot Coking Coal Project and the Nuramt Coal Project in February 2010. Drilling at the Ovoot Coking Coal Project commenced in April 2010 and has now established a significant maiden 330.7 million tonne JORC Resource.
The Company has three quality coal projects in Mongolia and is looking to aggressively develop this portfolio further in the coming year.
Contact:
David Paull
Managing Director
Aspire Mining Limited
Tel: +61-407-22-5291
Email: info@aspiremininglimited.com
http://www.aspiremininglimited.com
