Niuminco Group Limited (ASX:NIU) announced private placement of 150,000,000 shares at a price of AUD 0.004 per share for gross proceeds of AUD 600,000 on January 12, 2017. The company will also issue one free attaching option. Each option can be exercised at a price of AUD 0.007 on or before January 31, 2019. The investors will acquire 8.33% stake in the transaction. The company may pay upto AUD 36,000 as direct costs of the raising viz. 6% including GST as commission on funds raised and 10,000,000 options on same terms as the attaching options.