diff --git a/ChangeLog b/ChangeLog
index 42167d13e22..4f79f3d995b 100644
--- a/ChangeLog
+++ b/ChangeLog
@@ -1,3 +1,29 @@
+Wed May 18 2022 Łukasz Plewa <lukasz.plewa@intel.com>
+
+	* Version 1.12.0-rc1
+
+	This release:
+	- Deprecates librpmem library and rpmemd tool.
+	Using the librpmem library API will result in warnings
+	and is no longer recommended. Those interested in a remote
+	persistent memory support should use the new rpma library.
+	- Introduces a new set of APIs in libpmem2 to perform asynchronous data
+	movement operations. To use this feature, software needs to include an
+	optional miniasync(7) dependency.
+	- Adds new API to machine safe read/write operations in the pmem2 library.
+	- Introduces support for movdir64b instruction for memory operation
+	functions in the libpmem2 library.
+	- Adds experimental support for RISC-V.
+
+	Other changes and notable bug fixes:
+	- common: supress false positve of '-Wunused-parameter'
+	- examples: remove unnecessary persists in pminvaders
+	- obj: fix invalid type when setting cache size ctl (pmem/issues#5291)
+	- pmem: fix eADR memmove and memset (pmem/issues#5364)
+	- pmem2: add addr alignment prediction to vm reservation
+	- pmreorder: update docs with required last arg - file_name
+	- pmreorder: add more debug/info logs
+
 Fri Sep 24 2020 Łukasz Plewa <lukasz.plewa@intel.com>
 
 	* Version 1.11.1
diff --git a/GIT_VERSION b/GIT_VERSION
deleted file mode 100644
index 6002f22fa25..00000000000
--- a/GIT_VERSION
+++ /dev/null
@@ -1 +0,0 @@
-$Format:%h$
\ No newline at end of file
diff --git a/VERSION b/VERSION
new file mode 100644
index 00000000000..1f488021403
--- /dev/null
+++ b/VERSION
@@ -0,0 +1 @@
+1.12.0-rc1