Panagene Inc. (KOSDAQ:A046210) announced a private placement of bonds for gross proceeds of KRW 14,000,000,000 on March 17, 2014. The company will issued third unregistered/unsecured convertible bonds for KRW 8,000,000,000 and fourth unregistered/unsecured private convertible bonds for KRW 6,000,000,000. The third unregistered bonds will have yield to maturity of 4% and interest rate of 0% and will mature on March 19, 2017. The third unregistered bonds will be convertible into shares at a conversion price of KRW 3,605 per share from March 19, 2015 to March 18, 2017. The fourth unregistered bonds will have yield to maturity of 4% and interest rate of 0% and will mature on March 24, 2017. The fourth unregistered bonds will be convertible into shares at a conversion price of KRW 3,605 per share from March 24, 2015 to March 23, 2017.

On March 19, 2014, the company received KRW 8,000,000,000 from issuance of third unregistered bonds in its first tranche.

On March 24, 2014, Panagene Inc. closed the transaction. The company received KRW 6,000,000,000 from issuance of fourth unregistered bonds in its second tranche.