CORESTEMCHEMON Inc. announced a private placement of Series 3 unregistered coupon unguaranteed private convertible bond for the gross proceeds of KRW 10,811,450,000 on January 1, 2023. The transaction will included participation from Moon and Polaris for KRW 1,000,000,000, Kwon Kwang-soon for KRW 6,700,000,000, Lee, Tae-yong for KRW 2,850,000,000, Kim, Guiju for KRW 37,350,000, Jeon, Yeon Ju for KRW 37,350,000, Kim, Bora for KRW 37,350,000, Kim, Min-sung for KRW 37,350,000, Nam, Jae-yong for KRW 37,350,000, Park, Sang-sung for KRW 37,350,000, Yang, Seung-beom for KRW 37,350,000. The bond is issued at zero coupon rate and yield to maturity rate of 1%.

The bonds can be 100% converted into 1,218,878 common shares of the company at a fixed conversion price of KRW 8,870 per share. The conversion period is from Feb 19, 2023 to December 26, 2026. The transaction has been approved by the board of directors of the company.

The securities are subject to a hold period of 1 year.