U-Tech Co., Ltd. (KOSDAQ:A178780) announced a private placement of 3,454,231 common shares at a price of KRW 2,895 per share for gross proceeds of KRW 9,999,998,745 on November 7, 2018. The transaction will involve participation from returning investor BP Investment Korea Co., Ltd. The shares will have a face value of KRW 500 and will be issued at a premium. The shares will be issued by way of third party allotment. Post the transaction, the total number of issued common shares of the company will increase from 17,105,229 to 20,559,460 shares. The shares will be subject to a lock up period of 1 year from the date of closing. The transaction is expected to close on December 14, 2018. The transaction has been approved by the board of directors of the company.