CITECH Co., Ltd. (KOSE:A004920) announced a private placement of 8,000,000 common shares at an issue price of KRW 500 per share for gross proceeds of KRW 4,000,000,000 on February 13, 2020. The transaction will include participation from existing investors Sntekbm Co.,Ltd (KOSDAQ:A160600) for 3,000,000 shares, Hi-Tech Plus for 4,000,000 shares, and Smart Me for 1,000,000 shares. The shares are issued at face value.

The shares issued in the transaction will have a hold period of 12 months from the date of issuance. The company will issue shares through third-party allotment method. The payment date is March 30, 2020.

The transaction has been approved by the board of directors of the company.