103R, Inc announced that it expects to receive ¥40.5 million in funding from Fujisan Magazine Service Co.,Ltd.
November 11, 2018
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103R, Inc. announced a private placement of 672 shares at ¥ 60,267.857143 per share for gross proceeds of ¥40,500,000 on November 12, 2018. The transaction will include participation from new investor, Fujisan Magazine Service Co.,Ltd. (TSE:3138). On closing, the investor will hold 77.1% stake in the company. The company and the investor entered into a contract for the transaction. The settlement for the transaction is expected on the same date. The company will incur ¥500,000 as part of total advisory costs and other expenses of ¥100,000 as part of the transaction to earn net proceeds of ¥39,900,000. The transaction was approved by the board of directors of the investor on the same date.
Fujisan Magazine Service Co., Ltd. is a Japan-based company mainly engaged in magazine sales support business. The Company provides support services, such as magazine subscription related order and delivery service to publishers. The Company operates magazine sales support business segment through the operating of Fujisan.co.jp and Fujisan Reader. The Company mainly engages in providing subscription services, portion sell services, digital magazine sales, bundled services, free reading services, and other related services to subscribers.