Cronex Co., Ltd. (XKON:A215570) announced a private placement of series 1 non-guaranteed private convertible bonds with bearer interest for gross proceeds of KRW 1,600,005,000 on November 26, 2020. The transaction will include participation from Kronex Bio Startup Venture Private Equity Partnership. The bond carry coupon rate of 1% and have yield to maturity of 7%. The interest will be payable quarterly starting from February 29, 2021. The bonds will mature on November 29, 2023. The bonds will be 100% converted into 290,910 common shares representing 6.49% shares of the company at a fixed conversion price of KRW 5,500 per share. The conversion period is from November 30, 2022 to November 28, 2023. The transaction is expected to close on November 30, 2020. The transaction has been approved by the board of directors of the company. The securities issued in the transaction are subject to a lock up period of 1 year. The company will raise funding through samosa method.