Mitani Sangyo Co., Ltd. (TSE:8285) announced a private placement of 1,000,000 common shares at a price of ¥372 per share for gross proceeds of ¥372,000,000 on February 16, 2017. The transaction will include participation from existing investor Sumitomo Realty & Development Co., Ltd. (TSE:8830). Post the closing, the investor will hold a stake of 3.5% in the company.

The shares will be issued through third-party allocation. The payment date of the transaction is March 6, 2017. Post the closing, the number of issued shares will increase from 56,176,000 to 57,176,000.

The company will pay issue expenses, including registration fees, other various expenses of ¥1,992,000 in the transaction. The transaction has been approved by the board of directors of the company.