Commonwealth Entertainment & Co. (JASDAQ:7612) announced a private placement of 7,875,000 shares at a price of ¥40 per share for gross proceeds of ¥315,000,000 on April 26, 2016. The transaction will include participation from a new individual investor, Hiroaki Morita.

Pursuant to the transaction; the investor will acquire 17.10% voting rights in the company. The shares will be allotted through third party allocation. The net proceeds from the transaction will be ¥300,000,000.

The company will incur registration fees and judicial scrivener commission of about ¥5,000,000, legal fees of about ¥5,000,000, and investor investigation expenses, Tokyo Stock Exchange new share listing fees, and printing costs of about ¥5,000,000. The payment date of the transaction is May 12, 2016.