AIBIT Co., Ltd. (KOSDAQ:A039230) announced a private placement of 16th series bearers interest free private convertible bonds for gross proceeds of KRW 30,000,000,000 on January 6, 2020. The bonds will be issued at its par value. The transaction will involve participation from Mecocks Bio Venture Fund 1 for KRW 2,000,000,000 and other individual investors. The bonds do not carry any interest or yield to maturity. The bonds will be fully convertible into 60,000,000 shares at a fixed conversion price of KRW 500 per share between January 13, 2021 and December 13, 2022. The bonds will mature on January 13, 2023. The transaction is expected to close on January 13, 2020. The transaction has been approved by the board of directors of the company. The securities to be issue pursuant to the transaction are subject to a hold period of one year from the date of issuance.