N2Tech Co., Ltd (KOSDAQ:A227950) announced a private placement of series 15 bearer type non-guaranteed private placement convertible bonds for gross proceeds of KRW 10,000,000,000 and series 15 bearer type non-guaranteed private placement convertible bonds for gross proceeds of KRW 10,000,000,000 for aggregate gross proceeds of KRW 20,000,000,000 on June 17, 2021. The transaction will include participation from Raia Investment Association for series 15 bonds and Gluon Bond Investment Illim for series 16 bonds. The series 15 bonds maturity date is July 9, 2024 and the series 16 bonds maturity date is July 30, 2024. The surface interest rate and maturity rate is 2% each. The bonds are fully convertible into 4,468,275 shares each representing 6.30% stake of the company each, at a fixed conversion price of KRW 2,238 per share from July 9, 2022 to June 8, 2024 for series 15 bonds and July 30, 2022 to June 29, 2024 for series 16 bonds. The transaction has been approved by the board of directors. The payment date is July 9, 2021 for series 15 bonds and July 30, 2021 for series 16 bonds. The securities to be issued pursuant to the transaction are subject to the hold period of one year.