Key Petroleum Limited (ASX:KEY) announced a private placement of 90,447,308 shares at AUD 0.013 per share for gross proceeds of AUD 1,175,815 on January 20, 2014. The company will issue the new shares to new investor, ASF Group Limited. As part of the transaction, the investor will acquire 19.9% stake in the company. As part of the transaction, Min Yang from ASF Group Limited will join the company's board of directors. On closing, the investor will become the single largest shareholder in the company. The transaction is in accordance with the share placement facility approved at the 2013 Annual General Meeting of the company.

On January 21, 2014, the company announced that it has 90,447,373 shares for gross proceeds of AUD 1,175,815.85.

On January 22, 2014, the company announced that it will issue additional 22,470,697 common shares for gross proceeds of AUD 292,119.06. The investor will keep holding 19.9% stake in the company after the completion of the transaction. The company will receive total gross proceeds of AUD 1,467,934.91 in the transaction.