GL Pharm Tech Corp. (KOSDAQ:A204840) announced a private placement of 1,023,542 common shares of par value KRW 100 per share, at an issue price of KRW 977 per share for gross proceeds of KRW 1,000,000,534 on July 29, 2020. The transaction will include participation from new investor Kuhnil Pharmaceutical Co., Ltd. The company will raise the funding through third party allocation method. The total number of shares issued before the transaction is 44,684,323 shares. All securities to be issued in the transaction will be subject to a lock-up period of one year. The transaction was approved by the bard of directors of the company, and is expected to close on August 12, 2020.