Aspire Mining Ltd is set to open a placement aimed at raising up to $4 million through the issue of 200 million shares priced at $0.02.

Placement shares will come with a 1:2 attaching option exercisable at $0.025 and expiring 12 months from the date of issue.

The completion of the capital raising is an important milestone for Aspire as it will allow for the acquisition of a further interest in the Nuurstei Coking Coal Project and a debt restructure.

Aspire currently owns 45% of the Nuurstei Coking Coal Project located in Mongolia and it intends to exercise a US$1 million option to acquire an additional 45% interest in the project.