Neungyule Education, Inc. (KOSDAQ:A053290) announced a private placement of 1,060,220 registered convertible preferred stock at a price of KRW 4,716 per share for gross proceeds of KRW 4,999,997,520 on February 1, 2018. The transaction will involve participation from YG-IBKC Edu Contents Value-up Fund. The share will be issued at a premium. The shares are fully convertible into 1,060,220 common shares at a fixed conversion rate of KRW 4,716 from February 8, 2019 to February 7, 2028. The transaction is expected to close on February 7, 2018. The securities being issued are subject to a lock in period of 1 year. The company will raise the funding through third party allotment.