Fortis, Inc. (KOSDAQ:A141020) announced a private placement of 8,000,000 common shares at a price of KRW 500 per share for gross proceeds of KRW 4,000,000,000 on January 2, 2020. The transaction will include participation from Aplus Company. The shares will be issued through third party allotment. The shares will be issued at a discount of 2.2%. The transaction is expected to close on February 21, 2020. The scheduled listing of the shares on February 26, 2020. The transaction has been approved by the board of directors of the company.