Aprogen KIC Inc. (KOSE:A007460) announced a private placement of series 23 non-guaranteed private convertible bonds with bearer rights for the gross proceeds of KRW 50,000,000,000 on October 12, 2020. The transaction will include participation from new investors Cres Investment Association for KRW 20,000,000,000 and Wooridul Huebrain Ltd. (KOSE:A118000) for KRW 30,000,000,000. The bonds will carry coupon rate of 1% and interest rate to maturity 1%.

The bonds will mature on October 13, 2023. The bonds are fully convertible into 26,041,666 shares at a conversion price of KRW 1,920 per share, which represents 14.56% stake in the company. The minimum conversion price of bonds is KRW 1,345.

The conversion period of bonds is from October 13, 2021 to September 13, 2023. The payment date is October 13, 2020 and subscription date is October 12, 2020. The transaction was approved by the board of directors of the company.