Soribada Inc. (KOSDAQ:A053110) announced a private placement of 12,053,571 common shares at a price of KRW 672 per share for gross proceeds of KRW 8,099,999,712 on January 7, 2020. The transaction included participation from returning investor Jungbu Corporation. The shares have an issue price of KRW 500 and will be issued at a premium. Post transaction, the number of shares will increase from 71,854,049 shares to 83,907,620 shares. The shares are issued through a third party allotment method. The shares have a hold period until February 21, 2020. The transaction is expected to close on February 4, 2020. The transaction has been approved by the board of directors of the company.