Vitzro Tech Co., Ltd. (KOSDAQ:A042370) announced a private placement of series 2 unregistered non-coupon unguaranteed private convertible bonds for gross proceeds of KRW 20,000,000,000 on September 13, 2018. The company will issue the bonds at its par value. The transaction will include participation from new investor, Hyundai Investment Partners Mezzanine New Technology Fund 1. The bonds will carry an interest coupon of 1% and a yield to maturity of 2%. The bonds will mature on September 14, 2023. The bonds are fully convertible into 2,695,417 shares of the company at a conversion price of KRW 7,420 per share. The conversion period of the bonds will be from September 14, 2019 to September 13, 2023. The converted shares will represent 10.76% of the equity of the company. The bonds will have the lockup period of 1 year from the date of issuance. The subscription date and the payment date for the bonds are expected on September 14, 2018. The transaction was approved by the board of directors of the company.