Asaplus Resources Limited (ASX:AJY) announced a private placement of 40,000,000 shares at a price of AUD 0.09795 for gross proceeds of AUD 3,918,000 and a convertible loan for gross proceeds of AUD 979,500 for aggregate gross proceeds of AUD 4,897,500 on January 25, 2018. The transaction will involve participation from individual investor TEE Chee Seng. The company entered into a subscription agreement with the investor. The loan will be convertible into 10,000,000 common shares of the company. The company will issue the shares in two tranches with 13,000,000 shares to be issued in the first tranche and 27,000,000 shares to be issued in the second tranche. The investor has paid an earnest deposit of AUD 489,750 which represents 10% of the total subscription amount, and will be applied in proportion to completion of each of the two tranches and convertible loan. The shares to be issued in the first tranche will represent 14.773% of the company's existing and paid up share capital and is not subject to approval from the shareholders. The first tranche of the transaction is expected to close on February 9, 2018. The investor will appoint a person to the board of directors of the company.