Fortis, Inc. announced that it has received KRW 1.529 billion in funding from Hanbit Investment Corporation, Shinhan Capital, Investment Arm, Daesung Private Equity, Inc., SV Investment Corp., SBI Investment Korea Co., Ltd., and another investor

Fortis, Inc. (KOSDAQ:A141020) announced a private placement of series 23 unregistered unguaranteed private convertible bonds for gross proceeds of KRW 1,529,000,000 on June 21, 2019. The transaction will include participation from six investors including Future Planning SBI ASEAN-M&A Investment Fund, a fund managed by SBI Investment Korea Co., Ltd. (KOSDAQ:A019550) for KRW 637,000,000, Shinhan Capital, Investment Arm for KRW 204,000,000, and Wonvest Venture Partners Inc. for KRW 229,000,000. The bonds will mature on June 21, 2022.

The yield to maturity is 1% and have a coupon rate of 0%. The bonds are fully convertible at a conversion price of KRW 1,010. The bonds will convert into 1,513,861 common shares of the company.

The conversion period starts on June 21, 2020 and ends on May 20, 2022. The transaction has been approved by the board of directors of the company.