Jeans Mate Corporation (TSE:7448) announced a private placement of 3,450,000 new shares at ¥187 per share for gross proceeds of ¥645,150,000 on January 16, 2017. The transaction will include participation from Rizap Group, Inc. (SPSE:2928) for 3,450,000 shares. Pursuant to the transaction, the investor shall hold 57.13% stake in the company.

The shares can be subscribed from February 1, 2017 to March 31, 2017. The payment period for the shares will be from February 20, 2017 to March 31, 2017. The company will incur issue costs of ¥25,000,000 including securities registration creation expenses, legal expenses, advisory fees, and other expenses.

The company will receive net proceeds of ¥620,150,000 in the transaction. The transaction has been approved by board of directors of the company.