Volvik Inc. announced a private placement of 350,000 redeemable convertible preferred shares at KRW 10,000 per share for gross proceeds of KRW 3,500,000,000 on June 29, 2016. Each share has a face value of KRW 500 and was issued at a premium. The conversion period will be from June 30, 2016 till June 30, 2026. The preferred shares will be convertible into 350,000 common shares. The transaction took place through 3rd party allotment. The transaction included participation from a 3rd party investor, Money Market Trust, for which Hana Financial Investment Co., Ltd. acted as a trustee. The board of directors of the company has approved the transaction.