Baotou Steel (Singapore) Pte., Ltd. announced a private placement of common shares for gross proceeds of $10,000,000 on January 24, 2019. The transaction will involve participation from existing investor, Inner Mongolia Baotou Steel Union Co., Ltd. (SHSE:600010). Post the closing, the investor’s stake in the company will increase from 51% stake to 88.69% stake in the company. The transaction has been approved by board of directors of the investor at its 22nd session of its 5th directorate.