Soribada Inc. (KOSDAQ:A053110) announced a private placement of 18th series domestic unregistered unsecured private convertible bonds for gross proceeds of KRW 10,000,000,000 on August 23, 2019. The transaction will include participation from EPS Investment Co., Ltd. The bonds carry a coupon rate of 3% per annum. The bonds have yield to maturity of 3% and would mature on September 5, 2022. The bonds can be 100% converted into 11,363,636 common shares at a fixed conversion price of KRW 880 share. The conversion period is from September 5, 2020 to August 5, 2022. The transaction has been approved by the board of directors of the company. The transaction is expected to close on September 5, 2019.