fonfun corporation (JASDAQ:2323) announced a private placement of 514,200 common shares at an issue price of ¥406 per share for gross proceeds of ¥208,765,200 on November 20, 2019. The transaction will involve participation from existing investor, Musashino Co., Ltd. Out of the total amount raised, ¥5,000,000 will be used for expenses for allottees, registration license tax, and other expenses. The net proceeds of the transaction will be ¥203,765,200. The transaction will take place through third party allocation. After the transaction, the stake of Musashino Co., Ltd. will increase from 28.7% stake to 38.8% stake in the company. The transaction has been approved by the board of directors of the company. The company expects to close the transaction on December 6, 2019.