MTI Ltd. (TSE:9438) announced a private placement of 1,150,000 treasury shares at ¥762 per share for gross proceeds of ¥876,300,000 on June 7, 2016. The shares will be issued to MediPal Holdings Corporation. The transaction is expected to be completed by June 23, 2016.

The transaction has been by the board of directors of the company. The transaction will be carried out through third party capital increase. The company will pay expenses of ¥240,000 in the transaction.

These expenses include document creation expenses such as securities registration statement, etc. The company will receive net proceeds of ¥876,060,000 in the transaction.