Plumbline Life Sciences, Inc. announced a private placement of series 7 unsecured privately placed convertible bonds for the gross proceeds of KRW 500,120,000 on October 23, 2023. The transaction will include participation from individual investor, Gyun Shin for KRW 500,120,000. The bonds are convertible into 80,925 shares at a fixed conversion price of KRW 6,180 per share between the period starting from October 24, 2024 to September 24, 2026.

The bonds carry an interest rate of 0% and yield to maturity rate of 4% maturing on October 24, 2026. The transaction has been approved by board of directors of the company. The expected date of payment is October 24, 2023.