Soltworks Co., Ltd. (KOSDAQ: A230980) announced that it will issue series 4 unregistered unguaranteed private convertible bonds for proceeds of KRW 17,000,000,000 and 2,000,000 common shares at a price of KRW 4,000 per share for proceeds of KRW 8,000,000,000, for aggregate gross proceeds of KRW 25,000,000,000 on September 12, 2018. The transaction will include participation from the Universe 1 Investments Combination for shares and the Universe Fund 2 for debentures through third party placement method. The number of shares will increase to 12,311,829 shares. The debentures bear no interest and 1% yield to maturity and matures on October 31, 2023. The debentures are fully convertible into 3,774,422 common shares representing 30.66% stake at a conversion price of KRW 4,504 per share between October 31, 2019 to September 30, 2023. The debentures are subject to lock up of 12 months and shares are subject to lock up of 18 months. The expected payment date for shares is October 30, 2018 and for debentures is October 31, 2018. The debentures carry a put option and are redeemable at premium. The transaction has been approved by the board of directors of the company.