Bflysoft., Ltd (XKON:A148780) announced a private placement of 215,827 redeemable convertible preferred shares at a price of KRW 6,950 per share for gross proceeds of KRW 1,499,997,650 on March 29, 2021. The preferred shares carry a face value of KRW 500 per share. The transaction will include participation from Korea SMEs and Startups Agency. The company will issue the securities on third party allocation basis. The shares will be issued at a 7.6% premium to the base price. The preferred shares are convertible into 215,827 shares from April 7, 2021 to April 6, 2026 at a fixed conversion price of KRW1 per share. Upon conversion, 1 common share will be issued per preferred stock. The redemption value per share is KRW 6,950. The minimum dividend rate for preferred stocks is 0% or more of the annual par value, and the board of directors determines the preferred dividend rate at the time of issuance. The company expects to close the transaction on April 6, 2021. The transaction was approved by the board of directors of the company.