SANGBO Corp. (KOSDAQ:A027580) announced a private placement of series 3 non-guaranteed private convertible bonds with bearer interest for gross proceeds of KRW 6,500,000,000 on October 21, 2020. The transaction included participation from Jeongah Kim for KRW 1,000,000,000, Cho Jaeil for KRW 500,000,000, Jaesook Park for KRW 100,000,000, Seungdeok Yoo for KRW 400,000,000, Withwin Fund No. 62 for KRW 2,500,000,000, Core Trend Investment Ltd. for KRW 1,000,000,000, CAPE Investment & Securities co., Ltd for KRW 1,000,000,000. The bond is issued at 1% coupon rate, 4% yield to maturity and will mature October 29, 2023. The bonds can be 100% converted into 4,887,213 common shares of the company at a fixed conversion price of KRW 1,330 per share for 9.51% stake in the company. The conversion period starts from October 29, 2021 and end on September 29, 2023. The transaction has been approved by the board of directors of the company. The transaction is expected to close on October 29, 2020. The securities to be issued will have a hold period of one year, post the closing.