Volvik Inc. (XKON:A206950) announced a private placement of 260,000 redeemable convertible preferred shares at KRW 10,000 per share for gross proceeds of KRW 2,600,000,000 on November 27, 2017. The transaction included participation from an individual investor. Each share has a face value of KRW 500 per share and is issued at a premium. The conversion period will be from November 29, 2017 to November 29, 2027. The preferred shares are convertible into 260,000 common shares of the company. The transaction took place through third party allotment. Post the closing, the number of issued preferred shares increased from 1,975,450 to 2,235,450. The board of directors of the company has approved the transaction.