ESV Inc. (KOSDAQ:A223310) announced a private placement of 40,983,606 common shares of par value of KRW 100 each at a price of KRW 122 per share for gross proceeds of KRW 4,999,999,932 on February 27, 2020. The company is raising funding through third party allocation. The transaction will include participation from Kelby Dunn Global.

The transaction has been approved by the board of directors of the company. The transaction is expected to close on May 29, 2020. Post closing of the transaction, the capital of the company will increase from 162,355,455 shares to 203,339,061 shares.

All securities issued will be subject to a hold period of one year.