Black Range Minerals Limited (ASX:BLR) announced a private placement of up to 327,995,000 shares at AUD 0.007 per share for gross proceeds of up to AUD 2,295,965 on January 9, 2013. The shares will be issued to new investor Azarga Resources Limited which will hold a 19.9% stake in the company upon completion of the transaction. As a part of the transaction, Azarga Resources Limited shall nominate a member to the company's board. The transaction is subject to the shareholder approval. The proceeds will be payable within 30 days from the date of the approval.

The company shall pay an introduction fee to be satisfied via the issue of 7,500,000 shares to a part related to either the investor or the company.

On February 25, 2013, the company announced that the transaction was approved at the general meeting of shareholders.