Elpida announced on July 11, 2011 that the company plans to raise 79.7 billion yen (US$1.005 billion; US$1=79.3 yen), according to the Commercial Times of Taiwan. It is reported that Elpida will issue 52.2 billion yen (US$658.3 million) in new shares and 27.5 billion yen (US$346.8 million) in convertible bonds. Elpida said that after the fundraising, the company will use part of the money to invest in memory chip manufacturing and development for Smartphones, tablet PCs, and other devices. Other spending plans also include paying existing debt and building a new plant in Hiroshima, western Japan by 2013.