Jeil Steel Mfg Co., Ltd. (KOSDAQ:A023440) announced a private placement of 1,864,801 common shares at an issue price of KRW 2,145 per share for gross proceeds of KRW 3,999,998,145 on February 18, 2016. The transaction will involve participation from K Biz One Co., Ltd.. The face value of the shares to be issued is KRW 500 per share.

The company will raise funding through third party allotment method. The transaction is expected to close on February 25, 2016. The shares to be issued will have a hold period of one year post the closing.

The transaction has been approved by the board of directors of the company.