Soribada Inc. (KOSDAQ:A053110) announced a private placement of 1,713,306 common shares at a price of KRW 1,751 per share for gross proceeds of KRW 2,999,998,806 and convertible bonds for gross proceeds of KRW 1,000,000,000 for aggregate gross proceeds of KRW 3,999,998,806 on December 13, 2017. The transaction will involve participation from existing investor J.Mason.Inc. The common shares will be issued at a premium. The common shares will be issued by a way of third party allotment. The shares will be subject to a lock up period of 1 year from the date of closing. Post the closing of the transaction, the total number of shares issued by the company will increase from 51,613,148 to 53,326,454. The bonds are issued at par and carry a coupon of 2%. The bonds have yield to maturity of 3% and would mature on December 14, 2020. The bonds are fully convertible into 495,294 shares of the company at a fixed conversion price of KRW 2,019 between the periods of December 14, 2018 to November 14, 2020. The transaction is expected to close on December 14, 2017. The transaction has been approved by the board of directors of the company.