Iriver Limited (KOSDAQ:A060570) announced a private placement of 7,990,867 common shares at a price of KRW 8,760 for gross proceeds of KRW 69,999,994,920 on July 26, 2018. Existing investors, SM Entertainment Co., Ltd. will subscribe 7,420,091 shares for proceeds of 64,999,997,160 and SK Telecom Co., Ltd. will subscribe 570,776 shares for proceeds of KRW 4,999,997,760. The transaction is expected to close on August 10, 2018.

The transaction has been approved by the board of directors of the company. The shares being issued in the transaction are subject to a lock-up period of one year. The company will raise funding through third party allotment.