Axel Mark Inc. (TSE:3624) announced a private placement of 700,000 series 20 warrants at an issue price of ¥1.74 per warrant for gross proceeds of ¥1,218,000 and 500,000 series 21 warrants at an issue price of ¥1.42 per warrant for gross proceeds of ¥710,000, for an aggregate gross proceeds of ¥1,928,000 on February 20, 2019. The company has signed warrants purchase agreement. The transaction will involve participation from Evo Fund, a fund managed by Evolution Capital Management, LLC. The warrants are exercisable into approximately 1,200,000 common shares at an initial exercise price of ¥636 and will receive proceeds of ¥763,200,000 post exercise. The series 20 warrants exercise period is from March 11, 2019 until August 13, 2019. The series 21 warrants exercise period is from March 11, 2019 until July 13, 2020. The transaction will take place through third party allocation. The payment date is on March 8, 2019. Upon exercise of warrants, ¥763,200,000,000 will be the gross proceeds. Out of the gross proceeds, ¥5,800,000,000 will be the issue expenses. The transaction has been approved by the board of directors of the company.