Adways Inc. (TSE:2489) announced a private placement of 46,253 10th round warrants at ¥1,200 per warrant for gross proceeds of ¥55,503,600 on August 29, 2014. The company will issue the warrants to an existing investor, Merrill Lynch Japan Securities Co., Ltd., Investment Arm. The application period of the warrants will culminate on September 16, 2014.

The payment date and the allocation date for the transaction is expected on September 17, 2014. The exercise period of the warrants will be from September 18, 2014 to September 17, 2016. The company will issue the warrants via third party allocation.

The transaction was approved by the board of directors on the same date. Each warrant will be convertible into 100 shares of the company. As part of the transaction, the warrants will be convertible into 4,625,300 shares.

The company will incur ¥43,000,000 as issuance expenses in the transaction.