ITEK, Inc. (KOSDAQ:A119830) announced a private placement of series 3 non-guaranteed unsecured privately convertible bonds for an aggregate gross proceeds of KRW 20,000,000,000 on November 4, 2020. The transaction includes participation from Kromer Investment Association for KRW 7,000,000,000, Fortuna Investment Association for KRW 6,000,000,000, and Wooridul Huebrain Ltd. (KOSE:A118000) for KRW 7,000,000,000. The bonds carry fixed rate of interest of 1% per annum.

The bonds will mature on November 13, 2023. The bonds are fully convertible into 2,836,879 shares of the company at a conversion price of KRW 7,050 per share. The conversion period will start from November 13, 2021 and ends on October 13, 2023.

The transaction is expected to close on November 13, 2020. The transaction has been approved by the board of directors of the company.