The company has gained stake in Nuurstei earlier this year with the acquisition of Xanadu Mines’ (Xanadu) 50% stake in the Ekhgoviin Chuluu Joint Venture (ECJV) which holds a 60% stake in the coal project.
The capital raising included a placement to investors and a commitment by non-executive director, Neil Lithgow, to exercise five million options in the company A$0.05 ($0.04) per share.
Argonaut led and managed the capital raising process.
Located near the Khuvsgul provincial capital of Moron in northern Mongolia, the Nuurstei project was found to contain a low volatile bitumous coal with moderate to high ash levels and low sulphur.
In Mongolia, Aspire owns the Ovoot Coking coal project for which the company was granted mining licence in August 2012.
Aspire expects first production at the Ovoot Project in 2018 following funding, approvals, licenses and construction of rail infrastructure.
