Green Plus Co., Ltd. announced a private placement of 666,666 redeemable convertible preferred stocks at KRW 9,000 per share for gross proceeds of KRW 5,999,994,000 on January 27, 2016. The shares carry a face value of KRW 500 per share. The transaction will include participation from new investor, Midas AJ New Technology Investment Fund.

The company will issue the shares via third party allotment method. The shares will have a conversion period from January 29, 2017 to January 27, 2026. The preferred stock will be convertible into 666,666 common shares of the company.

The payment date for the shares is expected on January 28, 2016. The redemption duration for the shares will be from January 28, 2019 to January 27, 2020. The transaction was approved by the board of directors of the company.