Aspire Mining (ASX:AKM) substantial shareholder Spectral Investments Pty Ltd ATF The Lithgow Family Trust has increased its interest in the company to 19.45% from 12.42% through participation in its recent share placement priced at $0.02.
Spectral had acquired 100 million shares worth a total of $2 million under the placement, taking its total interest up to 179,278,501 shares.
Non-executive director Neil Lithgow is a director of Spectral.
In May, Aspire received a formal invitation to commence negotiations with the Mongolian Government's multi departmental Working Group for a Rail Concession.
The working group comprises representatives from the Ministries of Roads and Transportation, Environment, Finance and Investment Agency.
It has also entered into a Consortium Agreement with China Railways 20 Bureau Group Corporation who will provide its subsidiary Northern Railways with exclusive rights to technology required to construct the Erdenet to Ovoot Railway.
CR20G is a wholly owned subsidiary of China Railways Construction Corporation (HKEx:1186) (XSHG;601186), a Fortune-500 company (US$42.0 billion market cap.) and one of the world's largest international rail engineering construction firms.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.