Life Science Technology Inc. (XKON:A285770) announced that it will issue 259,403 registered redeemable convertible preferred shares of par value, KRW 500 at a price of KRW 3,855 per share for gross proceeds of KRW 999,998,565 on December 22, 2020. The transaction will include participation from Jeong-hwan KIm. The company will issue shares at a premium on third party allocation basis. The preferred shares are redeemable. The preferred shares are convertible into 259,403 common shares from January 31, 2021 to December 30, 2030. The company expects to close the transaction on December 30, 2020. The transaction was approved by the board of directors of the company.