Viento Group Limited (ASX:VIE) announced private placement of common shares for gross proceeds of AUD 2,000,000 on May 24, 2016. The company will issue 100,000,000 shares at a price of AUD 0.001 per share for proceeds of AUD 100,000, 100,000,000 common shares at a price of AUD 0.005 per share for proceeds of AUD 500,000, 50,000,000 common shares at a price of AUD 0.008 per share for proceeds of AUD 400,000, 100,000,000 common shares at a price of AUD 0.10 per share for proceeds of AUD 1,000,000. The company will issue 174,999,999 shares to Arowana Australasian Special Situations Fund 1 Pty Limited, a fund managed by AWN Holdings Limited (ASX:AWN) through its relates entities for AUD 1,000,000 and rest of the shares to the other investors. The recapitalization transaction is subject to approval of shareholders in general meeting scheduled to be held on June 23, 2016. The transaction is expected to close on June 30, 2016.