Cornerstone Networks CO., LTD (KOSDAQ:A033110) announced that it has issued 23rd bearer no guarantee domestic private equity convertible bonds for an aggregate gross proceeds of KRW 1,500,000,000 on November 12, 2019. The transaction included participation from Gold Pacific Co., Ltd. (KOSDAQ:A038530). The bonds will mature on November 12, 2022.

The bonds will carry no surface rate of interest and maturity rate of interest of 4% per annum. The bonds are fully convertible into 1,373,626 shares of the company at a conversion price of KRW 1,092 per share. The conversion period will start from November 12, 2020 till November 11, 2022.

The transaction has been approved by the board of directors of the company.