Orocobre Limited (ASX:ORE) announced that it has entered into a subscription agreement for a private placement of 37,544,920 common shares at AUD 7.50 per share for gross proceeds of AUD 281,586,900 with Toyota Tsusho Corporation (TSE:8015) on January 16, 2018. The transaction will take place in two tranches. The first tranche will consist of 31,228,010 shares for gross proceeds of AUD 234,210,075 and is expected to close on January 18, 2018. The second tranche will consist of 6,316,910 shares for gross proceeds of AUD 47,376,825. The second tranche is subject to shareholder approval at the general meeting to be held on February 26, 2018 and is expected to close two business days after the shareholder approval. The investor and its associates will not be entitled to vote on the placement of the second tranche. Post the closing of the transaction, the investor will hold 15% stake. The investor will also be entitled to nominate one non-executive director to the company’s board for so long as its stake in the company is at least 10%.