Zylux Acoustic Corp. announced that it has entered into a subscription contract for a private placement of 691,257 shares at $1.83 per share for gross proceeds of $1,265,000.31 on November 16, 2015. The transaction will include participation from new investor, ONKYO Corporation.

The shares will carry equal voting with redemption rights and will be issued by way of a third party allotment method. As part of the transaction, the investor will acquire 2.22% stake in the company. The settlement date for the transaction is expected on December 11, 2015.

The transaction was approved by the board of directors of the investor.