Aprogen KIC Inc. (KOSE:A007460) announced a private placement of series 24 non-guaranteed private convertible bonds with bearer rights for the gross proceeds of KRW 20,000,000,000 on January 7, 2021. The transaction will include participation from Korea Bond Investment Advisory Co., Ltd. The bonds will carry coupon rate of 1% and interest rate to maturity 1%. The bonds will mature on January 21, 2020. The bonds are fully convertible into 9,442,870 shares at a conversion price of KRW 2,118 per share, which represents 5.14% stake in the company. The conversion period of bonds is from January 22, 2022 to December 21, 2023. The payment date is January 21, 2021 and subscription date is January 7, 2021. The transaction was approved by the board of directors of the company.