GI Dynamics, Inc. (ASX:GID) announced a private placement of 58,780,619 chess depository interests at a price of AUD 0.035 per chess depository interest for gross proceeds of approximately AUD 2,057,321.665 on January 23, 2018. The transaction will occur in two tranches. The first tranche will include the issue of 28,467,063 interests and the second tranche will include the issue of 30,313,556 interests; subject to shareholder approval. The transaction will include participation from certain sophisticated and professional investors. On the same date, the company announced that it has issued 28,467,063 interests for approximately AUD 996,347 in its first tranche close. The company received AUD 874,302.5 pursuant to exemption provided under regulation D from 1 investor.