Volvik Inc. announced that it expects to receive KRW 6.5 billion in funding from Mirae Asset Daewoo Co., Ltd., KB Securities Co.,Ltd, Korea Securities Finance Corporation, NH Investment & Securities Co., Ltd., Samsung Securities Co.,Ltd., B And A, Inc.

Volvik Inc. (XKON:A206950) announced that it will issue series 4 unregistered unguaranteed unsecured private convertible bond for gross proceeds of KRW 6,500,000,000 on July 17, 2019. The transaction will include participation from new investors Mirae Asset Daewoo Co., Ltd. For KRW 2,000,000,000, KB Securities Co.,Ltd for KRW 2,000,000,000, Korea Securities Finance Corporation for KRW 800,000,000, NH Investment & Securities Co., Ltd. For KRW 200,000,000, Samsung Securities Co.,Ltd. For KRW 500,000,000, and B And A, Inc for KRW 1,000,000,000. The bonds will bear a coupon rate of 0% and yield to maturity of 4% per annum.

The bonds will mature on July 19, 2024. The bonds will be fully convertible into 650,000 common shares representing 10.20% stake in the company at a fixed conversion price of KRW 10,000 per share from July 19, 2020 to June 19, 2024. The transaction has been approved by the board of director of the company.

The transaction is expected to close on July 19, 2019.