Aprogen Medicines Inc. announced a private placement of series 25 unregistered coupon nonguaranteed private convertible bond for gross proceeds of KRW 105,000,000,000 on September 16, 2021. The transaction will include participation from returning investor Korea Fixed Income Investment Advisory Co., Ltd. for KRW 95,000,000,000,000, and Raviel New Technology Association 124 for KRW 10,000,000,000. The bonds will carry interest rate to maturity 1%.

The bonds will mature on November 16, 2024. The bonds are fully convertible into 52,447,552 shares at a conversion price of KRW 2,002 per share, which represents 20.85% stake in the company. The conversion period of bonds is from November 16, 2022 to October 16, 2024.

The payment date is November 16, 2021. The transaction was approved by the board of directors of the company.