HLB Co., Ltd. (KOSDAQ:A028300) announced a private placement of series 33 bearer unguaranteed private convertible bonds for gross proceeds of KRW 40,000,000,000 on December 16, 2019. The transaction will include participation from new investors Avalon Fund 1 for KRW 29,000,000,000, Pureum Fund 1 for KRW 7,000,000,000 and Sujin Kim for KRW 4,000,000,000. The bonds will bear an interest of 0%, yield to maturity of 1% and will mature on December 18, 2022. The bonds are 100% convertible into 382,084 registered common shares of the company, which represents 0.89% of total number of shares, at a conversion price of KRW 104,689 per share from December 18, 2020 to November 18, 2022. The company expects to close the transaction on December 18, 2019. The transaction has been approved by the board of directors of the company.