LEC, Inc. (TSE:7874) announced a private placement of 1,000,000 common shares at ¥1,038 per share for gross proceeds of ¥1,038,000,000 on October 1, 2012. The transaction was approved at the board of directors' meeting of the company. The shares will be issued to SN Kohsan, Ltd. and Takaki Nagamori who will subscribe to 500,000 shares each through third party allocation. The net proceeds from the transaction will be ¥1,029,680,000. The settlement date for the transaction will be October 18, 2012.

On October 18, 2012, LEC, Inc. closed the transaction.