Digital Adventure, Inc. announced that it expects to receive ¥1.18 billion in funding from Sm Entertainment Japan, K.K.
August 11, 2016
Share
Digital Adventure, Inc. (JASDAQ:4772) announced a private placement of 32,000,000 common shares at ¥37 per share for gross proceeds of ¥1,184,000,000 on August 12, 2016. The transaction will include participation from new investor Sm Entertainment Japan, K.K. to acquire 19.402346% stake in the company. The company's outstanding shares will increase from 132,928,513 shares to 164,928,513 shares. The transaction will take place through third party capital increase. The payment date is September 9, 2016. The company will incur issuance expenses of ¥4,000,000 for registration expenses, legal expenses, recipient inspection expenses, and other expenses.
Stream Media Corporation, formerly Digital Adventure, Inc., is engaged in provision of contents business. The Company operates in two business segments. The Rights & Media Communication segments engages in acquisition and commercialization of various rights relating to the drama broadcasting rights and distribution rights of movies, management of artists, operation of fan club and events, as well as sale of products through the Internet and convenience store. The Broadcasting segment is engaged in provision of programs and events at communication satellites (CS) broadcasting. Other business is engaged in contract management business of content distribution and music content business.