Crymson Co., Ltd. (JASDAQ:2776) announced a private placement of 1,788,000 shares at ¥135 per share for gross proceeds of ¥241,380,000 on January 13, 2016. The transaction will include participation from new investor, Keen Country Limited. On closing, the investor will hold 19.99% stake in the company.

The company will issue the shares via third party allotment. The company expects to incur ¥10,500,000 as issue costs in the transaction which includes financial advisory expenses ¥7,950,000, inspection expenses by third party appraisers ¥1,200,000, legal expenses of ¥1,000,000, and registration expenses ¥350,000. The net proceeds from the transaction will be ¥230,800,000.

The settlement date is expected on January 29, 2016. The transaction was approved by the board of directors of the company.