Tazmo Co., Ltd. (JASDAQ:6266) announced a private placement of 400,000 common shares with new investor Grand Plastic Technology Corporation at ¥1,021 per share for gross proceeds of ¥408,400,000 on November 9, 2015. The investors will subscribe shares by way of third party allotment. As part of the round, the investor will acquire 10.51% stake to become second major shareholder in the company.

The company will incur expenses of ¥29,000,000 which will result in net proceeds of ¥379,400,000. The company will pay ¥3,000,000 for registration and licensing taxes, ¥6,000,000 for legal fees, and ¥20,000,000 for financial advisor expenses. The transaction is expected to close on November 30, 2015.

The transaction was approved by the board of directors of the company.