Earth & Aerospace Manufacturing Ind. Co. Ltd announced a private placement of series 7 Unregistered coupon nonguaranteed private convertible bond for gross proceeds of KRW 1,500,000,000 on May 3, 2022.

The transaction will include participation from new investor, Group Lee Co., Ltd.th, Park, Soo-cheol, Lee, Young-taek, and Kim, Kyung-jin. The bond is issued at 10% surface interest rate rate, 12% maturity rate and will mature on May 13, 2025. The bonds will be 100% converted into 3,000,000 common shares representing 67.98% stake of the company at a fixed conversion price of KRW 500 per share.

The conversion period is from May 13, 2023 to April 12, 2025. The transaction has been approved by the board of directors of the company. The transaction is expected to close on May 13, 2022.

The securities issued shall be subject to hold period of 1 year.