MELFAS Inc. (KOSDAQ:A096640) announced a private placement of 5 series unregistered coupon unguaranteed private convertible bonds for the gross proceeds of KRW 8,500,000,000 on December 9, 2019. The transaction will include participation from X-Iot, Inc. The bonds carries an annual coupon rate is 3% and yield to maturity of 10%. The bonds will mature on December 12, 2022. The 5th series bonds will be 100% convertible into 4,473,684 common shares at a conversion price of KRW 1,900 per share from December 12, 2020 to November 12, 2022. The subscription date of the transaction is December 11, 2019 and the payment date is December 12, 2019. The transaction has been approved by the board of directors of the company.