African Minerals Limited (AIM:AMI) announced that it has signed a memorandum of understanding to conduct a private placement of 36,500,000 common shares at £6.70 per share with new investor, Tianjin Materials & Equipment Group Corporation for gross proceeds of £244,550,000 on September 26, 2013. The investor will acquire 10% stake in the company through this transaction. The transaction has been approved by the board of directors of both the companies. The company and the investor will sign the definitive agreement and will try to close the transaction by December 31, 2013.

In 2013, African Minerals Limited closed the transaction.