CAVE Interactive CO.,LTD. announced that it expects to receive ¥1.0281 billion in funding
March 13, 2019
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CAVE Interactive CO.,LTD. (JASDAQ:3760) announced a private placement of 1,400,000 shares at ¥734 per share and 5,000 warrants at ¥100 per warrant for aggregate proceeds of ¥1,028,100,000 on March 14, 2019. The shares will be offered through third-party allocation and will be subscribed by existing investors Natsuko Yoshinari for 1,100,000 shares and Yoshiki Okamoto for 300,000 shares. Hideyoshi Akita, another existing investor, will subscribe to all the warrants through third-party allocation that will have an exercise price of ¥754 per share. The warrants have an exercise period from June 1, 2019 to May 31, 2029. Pursuant to the completion of the transaction and exercise of the said warrants Natsuko Yoshinari will hold 19.06%, Hideyoshi Akita will hold 8.66%, and Yoshiki Okamoto will hold 5.20% stake in the company. The transaction is expected to close on April 26, 2019. The estimated issue expenses will ¥11,030,000 for the transaction, that will include ¥200,000 for expenses for the creation of documents, mainly the Securities Registration Statement, ¥2,000,000 for legal expenses, ¥,550,000 for registration-related expenses, ¥280,000 for recipients’ investigation expenses, ¥2,500,000 for warrants appraisal expenses by Plutus Consulting Co., Ltd., and ¥1,500,000 for Extraordinary General Shareholders’ meeting event expenses. The transaction was approved by the board of the directors of the company.
Cave Interactive Co Ltd is a Japan-based company mainly engaged in the development and operation of mobile online games, the provision of support and management services for Internet video distributors, and the multi-channel network business. The Interactive segment is engaged in the development and operation of games for mobiles and computers such as Do Don Pachi Dai Fukkatsu, Death Smiles, Mushihimesama, Akai Katana and others, as well as the provision of live distribution services.