Gala Incorporated (JASDAQ:4777) announced a private placement of 299,800 shares at ¥1,001 per share for ¥300,099,800 and 10,910 units of pre-paid warrants at ¥1,262 per unit for ¥13,768,420 for total gross proceeds of ¥313,868,220 on April 23, 2015. The transaction will include participation from a returning investor, Oak Capital Corporation, Investment Arm. Upon closing, the investor will hold 8.63% stake in the company.

Each unit of warrant consists of 100 shares. The exercise period of warrants will start on May 11, 2015 and end on May 10, 2017. The securities will be issued through third party allocation.

The expenses for issuance of shares will be ¥1,600,000, which includes warrant fair value calculation expenses, registration tax and judicial scrivener compensation, and share listing fees. The company also incurred expenses for warrants. The transaction is expected to close on May 11, 2015.