PanGen Biotech Inc. (KOSDAQ:A222110) announced a private placement of 1,021,449 common shares at an issue price of KRW 9,790 per share for the gross proceeds of KRW 9,999,985,710 on June 3, 2021. The transaction will include participation from Huons Co., Ltd. (KOSDAQ:A243070) for 970,377 shares for proceeds of KRW 9,499,990,830, Yoon Seong-tae for 51,072 shares for proceeds of KRW 499,994,880. The shares to be issued have a par value of KRW 500 per share.

The company will issue shares through third party allocation method. The expected listing date of new shares on June 28, 2021 and payment date is June 11, 2021. The company has received approval from the board of directors.

The shares will have a hold period of one years post the closing.