ShinHokoku Steel Corp. announced that it has received ¥54.54 million in funding from Minato Gumi Co., Ltd.
September 19, 2012 at 12:00 am EDT
ShinHokoku Steel Corp. (JASDAQ:5542) announced a private placement of 154,055 common shares at ¥202 per share for gross proceeds of ¥31,119,110 on August 29, 2012. The transaction was approved by the board of directors of the company. The shares will be issued to Minato Gumi Co., Ltd. The investor will hold 7.69% stake pursuant to the transaction. The transaction is expected to close by September 19, 2012.
On September 19, 2012, ShinHokoku Steel Corp. closed the transaction. The company issued 270,000 shares for gross proceeds of ¥54,540,000. The company issued stock certificates in the transaction.