GO Farm Co., Ltd. announced that it expects to receive ¥390 million in funding from General Oyster, Inc., The Okinawa Development Finance Corporation
July 26, 2016
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GO Farm Co., Ltd. announced a private placement of 7,800 shares at ¥50,000 per share for gross proceeds of ¥390,000,000 on July 27, 2016. The transaction will include participation from returning investor, General Oyster, Inc. (TSE:3224) for 4,000 shares and a new investor, The Okinawa Development Finance Corporation for 3,800 shares. As part of the transaction, The Okinawa Development Finance Corporation will acquire 47.5% stake and the stake of General Oyster, Inc. (TSE:3224) is diluting from 100% to 52.5% in the company upon closing. The company currently has 200 outstanding shares. The company will add ¥195,000,000 of the total proceeds to the capital. The transaction will take place through third party allotment. The settlement of the transaction will take place in late September 2016. The transaction was approved by the board of directors of General Oyster, Inc. (TSE:3224).
General Oyster,Inc., formerly HUMANWEB,Inc. is a Japan-based company primarily engaged in the directly operated stores business and the oyster wholesale business. The Company operates in two segments. The Directly Operated Stores segment is engaged in the operation of the restaurants (Oyster Bar) focusing on the cooking of oysters. The Oyster Wholesale segment is engaged in the sale of oysters with shells to the general food retailers.