OceanStone Corp. (XKON:A329020) announced a private placement of 153,847 registered redeemable convertible preferred shares at a price of KRW 13,000 per share for gross proceeds of KRW 2,000,011,000 with Business executive member of B&K Fisheries Fund 1; a fund managed by BNK Venture Investment on August 11, 2020. The shares have a face value of KRW 500 per share. The company will receive funds through third party allotment of capital. The shares will be convertible into common shares of the company after 10 years. The conversion request period is from August 20, 2020 to August 19, 2030. The transaction is expected to close on August 19, 2020. The transaction has been approved by the board of directors of the company.