Cornerstone Networks Co., Ltd. (KOSDAQ:A033110) announced a private placement of 13,698,630 shares of par value 500 per share at a price of KRW 730 per share for gross proceeds of KRW 9,999,999,900 on February 20, 2020. The transaction will include participation from returning investor Paradisepoint Inc. The transaction is expected to close on April 13, 2020. The securities are being issued at a premium and are subject to a hold period of one year. The transaction has been approved by the board of the directors of the company. The company is issuing shares through a third-party allotment. Prior to the transaction, total number of shares issued are 129,772,391.