Aspermont gets cash injection, launches market intelligence platform
Loss-making resources mining publisher Aspermont has launched a mining market intelligence platform, struck a deal with Rio Tinto to digitise its back catalogue, and raised $1.75 million from investors in a flurry of activity designed to transform its business model.
Aspermont publishes Australia’s Mining Monthly and Miningnews.net, along with the long-running Mining Journal and a range of other global resources titles.
In July, Aspermont filed the first quarterly accounts required because of its negative cashflow. The accounts showed that at the current burn rate, the company had the funds to survive just over five quarters.
That equation has changed with the commitments from what Aspermont describe as “leading European institutional investors” at a reported 40% premium to the most recent share price. A new share purchase plan will allow existing shareholdings to participate on the same terms.
