Arion Technology Inc. (KOSDAQ:A058220) announced a private placement of 1,901,140 common shares of par value KRW 500 per share issued at a price of KRW 1,315 for gross proceeds of KRW 2,499,999,100 on February 19, 2020. The transaction will involve participation from Chief Executive Officer of the company, Chae Myung Jin for 365,019 shares, Dongsik Lee for 273,764 shares, Buildup Co., Ltd. for 273,764 shares, and Lia & Partners Co., Ltd for 988,593 shares. The company will raise funds through third party allocation. The common shares will be issued at a premium of 10%. The dividend date of shares is January 1, 2020. The transaction has been approved by the company’s board of directors. The shares are subject to one year hold period. The company expects to close the transaction on February 28, 2020. The company will receive funding in multiple tranches.