L&F Co., Ltd. (KOSDAQ:A066970) announced a private placement of 2,171,552 common shares at a price of KRW 9,210 per share for gross proceeds of KRW 19,999,993,920 on May 19, 2016. The transaction will include participation from Seronics Co., Ltd. (KOSDAQ:A042600) for 1,085,776 shares and Kwangsung Electronics.Co. ,Ltd for 1,085,776 shares.

The transaction is expected to close on May 26, 2016. The shares to be issued have a lock up period of one year. The company issued shares through third party allotment method.

The transaction was approved by board of directors of the company.