Oscotec Inc. (KOSDAQ:A039200) announced a private placement of 12th series bearer zero coupon non-guaranteed private convertible bonds for gross proceeds of KRW 5,500,000,000 and 833,333 registered convertible preferred shares at an issue price of KRW 19,800 per share for gross proceeds of KRW 16,499,993,400 for total proceeds of KRW 21,999,993,400 on December 18, 2019. The transaction will include participation from returning investor E&Investment,Inc. for bond and E&Healthcare Investment Fund No.6, a fund managed by E&Investment,Inc. for preferred shares. The bonds does not carry any coupon rate and carry a surface coupon rate of 2% per annum. The bonds are 100% convertible into 240,700 shares of the company for 0.82% stake and are convertible at a fixed conversion price of KRW 22,850 from December 26, 2020 to November 26, 2022. The maturity date of the bonds is December 26, 2022. The shares have face value of KRW 500. The shares are issued at a premium of 10%. The shares issued in the transaction will have a hold period of 12 months from the date of issuance. The company will issue shares through third-party allotment method. The preferred shares are convertible into 833,333 common shares at the conversion price of KRW 19,800 per share. The transaction is expected close on December 26, 2019.