DNA Chip Research Inc. (TSE:2397) announced a private placement of 7,000 units of series 4 warrants at an issue price of ¥560 per share warrant for gross proceeds of ¥3,920,000 on February 19, 2020. The transaction included participation from Daiwa Securities Co. Ltd.. The warrants will be exercisable into 700,000 shares at an initial exercise price of ¥759. The warrants will have a minimum exercise price of ¥456 and no maximum exercise price. Post exercise of warrants the company will have a gross proceeds of ¥535,220,000 and estimated costs of ¥8,000,000 and net proceeds of ¥527,220,000. The warrants will have an exercise period from March 9, 2020 to March 8, 2022. The transaction has been approved by the board of directors of the company. The company will issue warrants using third party allotment method. The transaction is expected to close on March 6, 2020.