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ASPIRE MINING LIMITED — Capital/Financing Update 2010
Dec 22, 2010
64354_rns_2010-12-22_1f0e1a02-fe59-44e4-899c-e78e0ac5f528.pdf
Capital/Financing Update
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ASX Announcement
23/12/2010
ASPIRE MINING LIMITED ABN 46 122 417 243
Unit 2, 454 Roberts Road Subiaco, WA, 6008
P.O. Box 1918 Subiaco, WA, 6904
P: (08) 9391 1995 F: (08) 6380 2316
Web:
Email: [email protected]
Contact David Paull Managing Director
Email: [email protected]
Completion of Placement and Board Appointment
Aspire Mining Limited (ASX: AKM, “Aspire) is pleased to announce the completion of the placement of 105,860,186 ordinary shares at $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 $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 Metals and Mining Investment Banking team and Westpac Banking Corporation.
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.”
For further information, please contact:
ASX Symbol: AKM
David Paull
Directors:
David McSweeney - Chairman
David Paull - Managing Director Neil Lithgow - Non Exec Director Russell Lynton-Brown - Non Exec Director
Gan-Ochir Zunduisuren - Non Exec Director
Tony Pearson – Non Exec Director
Company Secretary:
Managing Director Aspire Mining Limited Tel : +61 (0)8 9381 1995 Mob : +61 (0) 40722 5291
About Aspire Mining Limited
Aspire is listed on the ASX (code: AKM) and owns 100% of the Ovoot Coking Coal Project in northern Mongolia. In 2011 Aspire will be targeting a resource upgrade at Ovoot, complete quality analysis and work on progressing the development of key infrastructure including access to rail.
Phil Rundell