Wintest Corporation (TSE:6721) announced a private placement of 10 first series unsecured convertible bonds with warrants at ¥10,000,000 per bond and 607 5th round warrants at ¥5,567 per warrant with Oak Capital Corporation, Investment Arm for gross proceeds of ¥103,379,169 on December 6, 2013. Each bond will be convertible into common shares of the company at a fixed conversion price of ¥34,700 per share. Each 5th round warrant will entitle the holder to purchase 20 common shares of the company at an exercise price of ¥33,000 per share. The company will receive net proceeds of ¥98,025,000 through the issuance of bonds after deducting issuance expenses of ¥1,975,000 in the transaction. The company will also incur expenses for the fair valuation of the bonds with warrants and the share purchase warrants, attorney's fees, registration license tax, and other sundry expenses with respect to issuance and exercise of 5th round warrants. The securities will be issued through third party allocation. On the same date, the transaction was approved by the board of directors of the company.

On December 24, 2013, Wintest Corporation closed the transaction. Varick Investment Advisory Inc. acted as independent institution to calculate for the value of the securities for the company.