Chorokbaem Media Co., Ltd. announced a private placement of 26,747,505 shares at an issue price of KRW 2,804 per share for gross proceeds of KRW 75,000,004,200 and series 10 unregistered nonguaranteed domestic private convertible bond for gross proceeds of KRW 30,000,000,000; for aggregate proceeds of KRW 105,000,004,020 on November 9, 2021. The transaction will include participation from Bucket Studio Co., Ltd. for 1,783,167 shares for KRW 5,000,000,268. The company will issue the bonds to Rabino Fund.

The bonds carry Maturity rate of interest of 2%. The bonds are zero coupon bonds and are issued at par value. The bonds will mature on December 3, 2024.

The bonds are fully convertible at a fixed conversion price of KRW 3,205 per share into 9,360,374 shares from December 3, 2022 to November 3, 2024. The company will issue shares through third-party allocation method. The securities are subject to a hold period of one year from the date of issue.

The transaction has been approved by the board of directors of the company. The company expects to close the funding from bonds on December 3, 2021.