Shin Steel Co.,Ltd. announced a private placement to issue Series 2 bearer-bearing interest-bearing unsecured private placement convertible bonds for the gross proceeds of KRW 20,000,000,000 on October 27, 2023. The transaction will include participation from new investors Moorim Capital Co., Ltd. for KRW 10,000,000,000 and Positive-IBC New Technology Association No. 1 for KRW 10,000,000,000.

The bonds are 100% convertible into 6,578,947 shares at a fixed conversion price of KRW 3,040 per share from October 31, 2024 to September 30, 2028. The bonds bear zero coupon rate and 0.5% maturity rate and matures on October 31, 2028. The transaction has been approved by the shareholders of the company and is expected to close on October 31, 2023.