OncoTherapy Science, Inc. (TSE:4564) announced that it will issue 293,000 series 30 warrants at a price of ¥41 per warrant for gross proceeds of ¥12,013,000 on December 26, 2018. The transaction will involve participation from Daiwa Securities Group Inc. Each warrant is convertible into 100 shares. The warrants will be convertible into a total of 29,300,000 potential shares of the company.

The initial exercise price of the warrant will be ¥109, minimum exercise price will be ¥66 and has no maximum exercise price. The transaction will take place through third party allotment. The company will pay legal fees, warrants appraisal expenses, and other administrative expenses, such as securities registration statement and change of registration fee.

The warrants can be exercised from January 16, 2019 to January 17, 2022. The transaction is expected to close on January 15, 2019. The transaction was approved by the board of directors of the company.