Aspire Mining Ltd (ASX:AKM) has successfully completed its fully underwritten $16.5 million pro-rata renounceable entitlement offer at an issue price of $0.012 per share.

The funds will be used to expedite development of Aspire’s 90% owned Nuurstei Coking Coal Project in Mongolia. Aspire aims to take the project into production within 18 months.

The company is now planning to undertake a drilling and exploration program at the Nuurstei project. Aspire has planned a $2 million drilling and exploration program at the Nuurstei Coking Coal Project.

The program aims to increase current resources and establish an ore reserve, which will then lead to a new resource model planned to be completed in the first quarter of 2018.

Capital costs for the development of Nuurstei have been further refined, with the current estimate of US$13 to US$14 million to be confirmed in the feasibility study process.