Arion Technology Inc. (KOSDAQ:A058220) announced a private placement of 37,147,100 shares at a price of KRW 673 per share for gross proceeds of KRW 24,999,998,300 on September 4, 2019. The transaction will include participation from Euclid Investment Co., Ltd, Kkokdu Maru Co., Ltd, TCS Korea Co., Ltd, Youngbok Kim, and Buildup Co., Ltd. The shares being issued have a par value of KRW 200 per share and will issued at a premium. The shares will be issued through third party allotment. Upon completion of the transaction, the company’s total shares will increase from 38,974,244 shares to 60,658,008 shares. The shares are subject to 12 months lock up period from the date of issue. The transaction is expected to close on September 20, 2019. The transaction has been approved by the board of directors of the company.