Fortis, Inc. (KOSDAQ:A141020) announced a private placement to issue series 24 unregistered unguaranteed private convertible bonds for the gross proceeds of KRW 7,500,000,000 on October 8, 2019. The transaction will include participation from returning investor, Yuc i Co., Ltd. for KRW 3,500,000,000 and Summit Corporation for KRW 4,000,000,000. The bonds will carry rate of interest of 4% per annum. The bonds will mature on November 25, 2022. The bonds are fully convertible into 10,431,154 shares at a conversion price of KRW 719 per share. The conversion period will start from November 25, 2020 and ends on October 25, 2022. The transaction is expected to close on November 25, 2019. The transaction has been approved by the board of directors of the company.