Melfas Inc. (KOSDAQ:A096640) announced a private placement of 1,568,000 common shares at a price of KRW 1,376 per share for gross proceeds of KRW 2,157,568,000 on March 10, 2020. The share have a face value of KRW 500 per share. The transaction will include participation new investor from Hong Kong Fortunate Fountain Investment Limited.

The company will receive funding through third-party allotment method. The shares issued in the transaction are subject to lock-up period of 1 year. The transaction is expected to April 10, 2020.

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