Nihon Seimitsu Co., Ltd. announced that it has received ¥299.89 million in funding from GNCO Co., Ltd. and Q Capital Partners Co., Ltd.
November 20, 2014 at 11:00 pm EST
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Nihon Seimitsu Co., Ltd. (JASDAQ:7771) announced a private placement of 2,238,000 common shares at ¥134 per share for gross proceeds of ¥299,892,000 on November 5, 2014. The transaction will include participation from existing investor GNCO Co., Ltd., which will invest for 1,119,000 shares, will acquire 3.87% stake through this transaction, and will hold 23.32% stake in the company and new investor Q Capital Partners Co., Ltd., which will invest for 1,119,000 shares and will acquire 6.34% stake in the company through this transaction. The net proceeds from the transaction will be ¥297,892,000, after deducting estimated amount of various issuance expenses of ¥2,000,000, which includes registration fees of ¥1,200,000, legal fees of ¥500,000, and other overhead expenses of ¥300,000. The securities will be issued through third party allocation. On the same date, the transaction was approved by the board of directors of the company. The settlement date for the transaction is November 21, 2014. The company will incur issue costs such as legal expenses and registration expenses, etc. of ¥2,000,000 and will receive net proceeds of ¥297,892,000 in the transaction.
On November 21, 2014, Nihon Seimitsu Co., Ltd. closed the transaction.
GNCO CO. LTD. is a Korea-based company mainly engaged in the manufacturing and sale of casual apparels. The Company manufactures and sells womenâs and menâs casual apparels including outwear and underwear, and accessories including bags, shoes, ties, jewelries, gloves, among others under five brands, including Thursday Island, which is a urban vintage casual brand mainly for women; T.I FOR MEN, which is a men's casual brand mixing the formal and casual style; ELOQ, which is a unisex casual brand; LOUDMUT, a womenâs casual brand, and PHENOM, which is a concept store brand specializing in selling imported accessories in Northern European style. It distributes its products through distribution agencies, departments and online shopping malls www.gncostyle.com. In addition, the Company is involved in financial investment business.