PAXNet, Inc. (KOSDAQ:A038160) announced a private placement of 6th series unregistered unguaranteed private convertible bonds for gross proceeds of KRW 15,000,000,000 on February 14, 2019. The transaction will include participation from KJ Investment Fund. The bonds will carry an interest rate and yield to maturity of 3%. The bonds are issued at par and will mature on March 25, 2022. The bonds are fully convertible into 2,164,502 common shares at a conversion price of KRW 6,930 per share from March 25, 2020 to March 24, 2022. The payment date is March 25, 2019. The transaction has been approved by the board of directors of the company.