KT Music Corporation (KOSDAQ:A043610) announced a private placement of 7,378,920 common shares at KRW 3,265 per share for gross proceeds of KRW 26,748,585,000 on March 15, 2017. The transaction will include participation from new investor LG Uplus Corp. (KOSE:A032640).

The company will issue shares at premium. The company will issue securities through third party allotment method. The securities issued are subject to hold period of one year.

The company expects to close the transaction on April 11, 2017. The transaction has been approved by the board of directors of the company.