AustSino Resources Group Limited (ASX:ANS) announced that it has completed a private placement of 87,500,000 common shares at a price of AUD 0.013 per share for gross proceeds of AUD 1,137,500 on August 18, 2020. The transaction included participation from non-related party sophisticated investors. The company paid a fee equal to 5% of the gross proceeds to Frank Vallone by issuing 8,425,000 common shares and 20,000,000 unlisted options exercisable at a price of AUD 0.02 per share, and expiring on August 18, 2021, subject to vesting conditions. All shares issued cannot be traded or transferred until the earlier of 12 months from the date of issue, and the issue by the company of a prospectus or other disclosure document to facilitate secondary trading. The transaction is not subject to shareholder approval.