PAXNet, Inc. (KOSDAQ:A038160) announced a private placement of 7th series unregistered unguaranteed private convertible bonds for gross proceeds of KRW 30,000,000,000 on May 14, 2019. The transaction will include participation from K Trip Co., Ltd. The bonds are zero coupon bonds and have yield to maturity of 7%. The bonds will mature on May 15, 2022. The bonds are fully convertible into 4,410,467 common shares at a conversion price of KRW 6,802 per share from May 15, 2020 to April 15, 2022. The payment date is May 15, 2019. The transaction has been approved by the board of directors of the company.