Pixela Corporation (TSE:6731) announced a private placement of 7th and 8th series prepaid warrants for gross proceeds of ¥15,500,000 on August 4, 2016. The warrants will be issued by third party allotment. The company will issue 100,000 7th series warrants at ¥152 per warrant for proceeds of ¥15,200,000. The company will issue 100,000 8th series warrants at ¥3 per warrant for proceeds of ¥300,000. Each warrant will be exercisable for 100 common shares. The transaction will include participation from Oak Capital Corporation, Investment Arm who will own 48.23% stake after the transaction. The 7th series warrants will be exercisable at ¥100 per share from August 22, 2016 to August 21, 2018 and 8th series warrants will be exercisable from September 20, 2016 to September 19, 2018. The 7th series and 8th series warrants will be allotted on August 4, 2016 and September 20, 2016 respectively. The 7th series warrants will be settled on August 22, 2016. The company expects to receive proceeds of ¥2,000,000,000 on exercise of 7th series and 8th series warrants. The company will incur various issue costs of ¥20,000,000, which include fair value calculation of warrants of ¥3,500,000, legal expense of ¥4,200,000, registration related expenses of ¥7,000,000, and other expenses of ¥5,300,000. The company will receive net proceeds ¥1,995,500,000 after the exercise of warrants. The board of directors has approved the transaction.