Sado Steam Ship Co., Ltd. (JASDAQ:9176) announced private placement of 1,605,300 shares at a price of ¥223 per share for gross proceeds of ¥357,981,900 with existing investor Sado City on December 25, 2020. The investor will hold 11.23% stake in the company. The company will pay issue costs of ¥6,000,000 and receive net proceeds of ¥351,981,900. The transaction is subject to approval of the city council of Sado City. The transaction is approved by the board of directors of the company. The transaction is expected to close between February 1, 2021 and February 10, 2021.