Kanmonkai Co., Ltd. (TSE:3372) announced a private placement of 1,850,000 shares ¥270 per share for gross proceeds of ¥499,500,000 on June 22, 2016. The transaction will include participation from new investors, Oie Sangyo Co., Ltd., M&A Group Partners Co., Ltd., Hiroshi Arai, and Oko Arai for 370,000 shares, 370,000 shares, 740,000 shares, and 370,000 shares respectively. The transaction is by way of third party allotment of shares to the investors.

On closing, the investors will hold 3.068273%, 3.068273%, 6.136546%, and 3.068273% stakes respectively. The investors in total will acquire 15.341366% stake in the company as part of the transaction. The company expects to incur issue expenses of ¥4,500,000 in the transaction.

The net proceeds from the transaction will be ¥495,000,000.