Mgame Corp. (KOSDAQ:A058630) announced a private placement of 436,127 shares at a price of KRW 4,150 per share for the gross proceeds of KRW 1,809,927,050 with Omnitel, Inc. (KOSDAQ:A057680) by way of third party allotment on August 14, 2017. The shares are issued at a premium and have a face value of KRW 500 per share.

The transaction has been approved by the board of directors of the company. The shares issued have a lock up period of one year from the date of issuance. The transaction is expected to close on August 16, 2017.