Ohmori Co.,Ltd. announced that it expects to receive ¥55.98 million in funding from Milestone Capital Management Co., Ltd.
March 11, 2013 at 12:00 am EDT
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Ohmori Co.,Ltd. (TSE:1844) announced a private placement of 2,000,000 shares at ¥26 per share and 220 3rd share purchase warrants at ¥18,100 per warrant for gross proceeds of ¥55,982,000 on March 11, 2013. The transaction will include sole participation from returning investor, Milestone Capital Management Co., Ltd. The company will exercise warrants at a price of ¥2,600,000 per share. The investor will hold 19.92% stake in the company after exercising warrants. The company will issue the securities through third party allocation. The issuance date and allocation date for the transaction is March 27, 2013. The company will pay issuance expenses of ¥7,500,000 including lawyer fees of ¥1,500,000, document creation expenses of ¥3,000,000, and registration-related expenses, stock fees, and so on of ¥3,000,000. The expenses will also include issuance of shares through exercise of warrants.
On the same date, the company also announced that it has obtained approval from its board of directors' meeting.
OHMORI CO., LTD. is mainly engaged in the construction business. The Company operates in four business segments. The Construction segment is engaged in the order and construction of construction works. The Real Estate segment is engaged in the purchase, sale and leasing of real estate properties, the sale of solar power generation equipment, as well as the lease of L-type earth retaining wall for open-cut use (OLY). The Telecommunications Related segment is The Others segment is engaged in the closet rental and other businesses.