Hojeon Limited (KOSE:A111110) announced a private placement of 641,975 convertible preferred shares at KRW 20,250 per share for gross proceeds of KRW 12,999,993,750 on May 31, 2017. The shares have par value of KRW 500 per share and will be issued at premium. The shares will be allotted through third party allotment method to existing investor Dynamo Holdings Llc. The preferred shares are convertible into common shares of the company from June 30, 2018 to June 29, 2027 and are redeemable from June 30, 2021 to June 29, 2027. The transaction has been approved by board of directors of the company. The shares have lock up period of one year. The transaction is expected to be completed by June 30, 2017.