Cellumed Co., Ltd. (KOSDAQ:A049180) announced a private placement of 1,904,761 common shares at a price of KRW 5,250 for gross proceeds of KRW 9,999,995,250 on September 17, 2019. The transaction will involve participation from Free Telecom Co., Ltd. and returning investor INCOSBEE, Inc. (KOSE:A006490). The transaction will take place through third party allocation.

The shares have face value of KRW 500 and will be issued at a premium. The shares issued in the transaction will be subject to a hold period of 1 year. The transaction has been approved by the board of directors of the company.