Volvik Inc. announced a private placement of 70,000 no voting right dividend convertible preferred shares at a price of KRW 10,000 per share for gross proceeds of KRW 700,000,000 on June 1, 2016. The transaction included participation from existing investors, TES Co, Ltd., which will subscribe 50,000 shares for gross proceeds of KRW 500,000,000, Tiger investment advisory Co.,Ltd., which will subscribe 15,000 shares for gross proceeds of KRW 150,000,000, and Hwanho Cho, who will subscribe for 5,000 shares for gross proceeds of KRW 50,000,000. The transaction has been approved by the board of directors of the company.

The preferred shares are convertible into common shares of the company. The shares issued have a face value of KRW 500 per share. The conversion period will start on June 3, 2016 and will end on June 3, 2026.

The transaction took place through third party allotment. The transaction is expected to close on June 2, 2016.