LONGTU KOREA Inc. (KOSDAQ:A060240) announced a private placement of 1,186,239 common shares at an issue price of KRW 8,430 for gross proceeds of KRW 9,999,994,770 on September 4, 2017. The transaction will involve participation from Longtugame HK Limited. The shares were issued at a premium. Post the closing of the transaction the shares will increase from 22,989,894 to 24,176,133. The shares will be issued through third party allotment method. The shares are restricted for a period of one year. The expected payment date of the transaction is October 31, 2017. The transaction was approved by the board of directors of the company.