Human Metabolome Technologies, Inc. announced that it expects to receive ¥356.47 million in funding from M3, Inc., Hirata Farms Co.,Ltd., The Yamagata Bank, Ltd., and The Shonai Bank, Ltd.

Human Metabolome Technologies, Inc. (TSE:6090) announced a private placement of 430,000 common shares at ¥829 per share for gross proceeds of ¥356,470,000 on May 24, 2016. The transaction will include participation from new investors, M3, Inc., which will subscribe 280,000 common shares, The Shonai Bank, Ltd. which will subscribe 50,000 common shares, existing investors, Hirata Farms Co., Ltd. which will subscribe 50,000 common shares, and The Yamagata Bank, Ltd. which will subscribe 50,000 common shares. The company will pay expenses of ¥7,000,000.

The expenses includes legal fees, registration-related expenses such as registration and license tax, and document creation expenses such as securities registration statement, and other expenses. The investors will acquire 8.18% stake in the company through this transaction. M3, Inc. will acquire 4.86% stake, The Shonai Bank, Ltd. will acquire 1.91% stake, Hirata Farms Co., Ltd. will acquire 0.67% stake, and The Yamagata Bank, Ltd. will acquire 0.74% stake.

The investors will subscribe shares through third party allocation method. The payment date is June 10, 2016. The transaction has been approved by the board of directors of the company.