DNA Chip Research Inc. (TSE:2397) announced that it intends to conduct a private placement of 848,000 shares at ¥669 per share to new investor Enplas Corporation for gross proceeds of ¥567,312,000 on November 19, 2014. The investor will acquire 20.02% stake in the company.

On November 20, 2014, the company announced that the transaction was approved by the board of directors. The company will also issue 8,520 units of warrants at ¥7,430 per unit for additional gross proceeds of ¥63,303,600. The company will receive gross proceeds of ¥630,615,600 in the transaction. Each warrant unit will entitle the holder to purchase 100 new shares of the company at an exercise price of ¥669 per share. The company will issue the securities through third party allocation. The tentative payment date of the transaction is December 8, 2014. The company will receive net proceeds of approximately ¥559,312,000 through the issuance of common shares upon deduction of issuance expenses of ¥8,000,000 including legal fees, independent committee composition expenses, registration-related expenses, and other various fees. The company will also bear issuance expenses of warrants of ¥8,000,000 including warrant valuation expenses, legal fees, independent committee composition expenses, registration-related expenses, and other various fees and will receive net proceeds of ¥625,291,600 from the issuance and exercise of warrants. KPMG FAS Co., Ltd. will act as financial advisor to the company.

On December 8, 2014, DNA Chip Research Inc. closed the transaction.