Hwashin Tech Co., Ltd. (KOSDAQ:A086250) announced private placement of 3,539,823 shares at a price of KRW 2,260 per share for gross proceeds of KRW 7,999,999,980 to E-Palm Bio Fund on December 24, 2019. The company will issue shares at a premium to par value of KRW 500 per share. The transaction is expected to close on January 21, 2020. The shares are subject to hold period of 1 year. The outstanding shares were 13,566,748 shares. The transaction has been approved by the board of directors of the company.