AustSino Resources Group: Replaces WAPRC with Midwest
- AustSino Resources Group (ANS) has entered a binding subscription agreement with Midwest Resource Finance Group
- Under the agreement, Midwest will subscribe for approximately 7.6 billion AustSino shares at 1.3 cents each, to raise $100 million
- AustSino originally had a similar agreement with Western Australian Port Rail Construction (WAPRC), but it fell through after delays
- This placement is subject to the customary conditions, also including approval from AustSino’s shareholders
- After this transaction, Midwest will hold approximately 59.90 per cent voting power in AustSino Resources
- AustSino Resources shares have suspended from trade since September 2018, priced at 1.7 cents per share
