Equipments Cell Co.,Ltd (KOSDAQ:A160600) announced a private placement of 30,000,000 common shares at a price of KRW 250 per share for gross proceeds of KRW 7,500,000,000 on June 22, 2020. The common shares have a par value of KRW 500 per share, and will be issued at a discount. The transaction will include participation from E Investment&Development Co., Ltd. (KOSE:A093230).

The company will raise the funding through third party allocation method. All shares to be issued will be subject to a lock-up period of one year. The transaction has been approved by the board of directors of the company, and is expected to close on June 30, 2020.