PAXNet, Inc. (KOSDAQ:A038160) announced that it will issue series 4 and series 5 unregistered unguaranteed private convertible bonds for gross proceeds of KRW 10,000,000,000 and KRW 7,007,000,000 respectively, for aggregate gross proceeds of KRW 17,007,000,000 on October 22, 2018. The bonds will be issued at par. The transaction will include participation from IDCM Co., Ltd. for KRW 10,000,000,000, Hands Partners for KRW 1,700,000,000, eBest Investment Securities Co., Ltd., Investment Arm for KRW 500,000,000, Hano Jung for KRW 2,403,500,000, and Hantae Jung for KRW 2,403,500,000. The bonds will bear fixed interest and yield to maturity of 3% per annum. The bonds will mature on October 23, 2021. The bonds are convertible into common shares at a fixed conversion price of KRW 9,225 per share from October 30, 2019 to October 29, 2021. The date of subscription is October 22, 2018 and expected date of payment is October 23, 2018 for series 4 bonds and October 30, 2018 for series 5 bonds. The transaction is approved by the board of directors of the company.