CITECH Co., Ltd. (KOSE:A004920) announced a private placement of 6,000,000 common shares at an issue price of KRW 500 per share for gross proceeds of KRW 3,000,000,000 on December 20, 2018. The transaction will involve participation from new investor High Tech Plus Co., Ltd. for 2,000,000 shares, and existing investors, SNTEK Co., Ltd. (KOSDAQ:A160600) and Gemini Investment Corporation (KOSDAQ:A019570) for 2,000,000 shares each. The shares are issued at face value.

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. Post the closing, the total number of shares issued by the company will increase from 49,212,316 shares to 55,212,316 shares.

The payment date is December 28, 2018. The transaction has been approved by the board of directors of the company.