AustSino Resources Group Limited (ASX:ANS) announced a private placement of 7,692,307,693 shares at a price of AUD 0.013 per share for gross proceeds of AUD 100,000,000 on July 9, 2020. The company has singed a binding subscription agreement with Midwest Resource Finance Group Pty Ltd. Post completion of the transaction, investor will hold 59.9% stake in the company. The transaction is subject to customary conditions precedent including approval from the company's shareholders. The transaction is expected to close by October 31, 2020 or any such mutually agreed between investor and the company.