Cheongye Travel Co., Ltd. announced a private placement of 20,817 shares at a price of KRW 349,410 per share for gross proceeds of KRW 7,273,667,970 on August 22, 2017. The transaction will include participation from new investor, Gamma Nu Inc. (KOSDAQ:A192410) for 34.2% stake in the company. Post the closing of the transaction, the number of shares will increase from 40,000 to 60,817. The transaction has been approved by the board of directors of the company. The company reported total assets of KRW 2,666,000,000, total liabilities of KRW 4,724,000,000, shareholders equity of KRW -2,058,000,000, revenue of KRW 19,332,000,000, and net loss of KRW -631,000,000 for the year ended December 31, 2016.