Daemyoung Energy Co.,Ltd announced a private placement of series 2 unregistered coupon unguaranteed private convertible bonds for the gross proceeds of KRW 20,000,000,000 and series 3 Unregistered coupon unguaranteed private non-detachable bond with warrants for the gross proceeds of KRW 20,000,000,000; for aggregate gross proceeds of KRW 40,000,000,000 on March 15, 2023. The transaction will include participation from ECOGREEN Co., Ltd. The bonds will carry 0% coupon rate and 0% yield to maturity rate and will mature on April 5, 2029. The bonds are fully convertible into 866,325 common shares at a conversion price of KRW 23,086 per share from April 5, 2024 to March 15, 2029. The bonds are restricted to a hold period of 1 year. The transaction is expected to close on April 5, 2023.

For series 3 bonds - The bonds will carry 0% coupon rate and 0% yield to maturity rate and will mature on April 5, 2029. The bonds are fully convertible into 866,325 common shares at a conversion price of KRW 23,086 per share from April 5, 2024 to March 15, 2029. The bonds are restricted to a hold period of 1 year. The transaction is expected to close on April 5, 2023.