Bio Protech Inc. announced a private placement of series 13 unregistered nonguaranteed unsecured convertible bonds for gross proceeds of KRW 500,000,000 on December 8, 2021. The transaction will include participation from Mijin Company Co., Ltd. for KRW 250,000,000 and from Sanremo Corporation for KRW 250,000,000. The bonds carries surface interest of 0% and yield to maturity of 3%.

The bonds will mature on January 24, 2025. The bonds are 100% convertible into 666,666 common shares at a price of KRW 750 per share, representing 8.22% stake in the company, which can be converted from January 24, 2023 to December 24, 2024. The transaction has been approved by board of directors of the company.

The payment date is January 24, 2022. The bonds to be issued will have a hold period of one year, post the closing.