Virtualtek Corp (KOSDAQ:A036620) announced a private placement of 2,635,046 common shares at a price of KRW 759 per share for gross proceeds of KRW 1,999,999,914 on July 9, 2020. The transaction will include participation from existing investors Hosun. The shares have a face value of KRW 500 per share. The shares issued are subject to restriction period of one year. The company will raise the proceeds for through third party allocation. The transaction will include participation from existing shareholder Ho-Seon Kim, being the chief executive officer of the company. The transaction has been approved by board of directors of the company. The transaction is expected to close on August 31, 2020.