Tibet Mineral Development Co., LTD (SZSE:000762) agreed to acquire the remaining 60% stake in Ferrochrome Mining Area from Tibet Autonomous Region Mineral Development Corporation for approximately CNY 310 million on July 25, 2014. Tibet Mineral Development Co., LTD will issue 20.45 million shares at the price of CNY 10.45 per share and CNY 100 million in cash. Tibet Mineral Development Co., LTD plans to finance at most CNY 514 million from private placement, including CNY 314 million used for acquiring.

Tibet Mineral Development Co., LTD will use CNY 100 million from private placement to fund the transaction. The transaction is subject to approval of the Department of Land and Resources of Tibet. As of February 29, 2016, China Securities Regulatory Commission approved the private placement of shares.