Kolon TissueGene, Inc. announced that it will issue 117,647 series C preferred shares at an issue price of $85 per share for the gross proceeds $9,999,995 on June 28, 2016. The shares are redeemable. The shares carry cumulative fixed dividend rate of 4.5% per share per annum payable in cash quarterly on the last day of each March, June, September and December commencing on June 30, 2016.

The shares will be convertible in common shares at a fixed conversion price of $85 per share. The round will be raised at a post money valuation of $9,999,995.