Kozosushi Co., LTD. (JASDAQ:9973) announced a private placement of 40 units of series 1 unsecured convertible bonds with warrants for gross proceeds of ¥400,000,000 on April 23, 2018. The transaction will include participation from existing investor, Asrapport Dining Co., Ltd. (JASDAQ:3069). The investor will increase his stake from 13.76% to 26.88% with this transaction.

Each warrant is exercisable into 5,333,333 shares at ¥75 per share. The bonds maturity date is May 9, 2023. The expected payment date of the transaction on May 9, 2018.

The company will pay expenses legal expenses, value calculation expenses, trust bank expenses, etc. of ¥5,000,000. The warrants are exercisable from May 10, 2018 to May 9, 2023.

The company will issue securities through third party allotment method. The transaction has been approved by the board of directors of the company.