PharmGen Science Inc. announced a private placement of 34th series non-guaranteed private equity convertible bonds with bearer type interest part for gross proceeds of KRW 20,000,000,000 on March 3, 2022. The transaction will include participation from new investor, Meritz Securities Co., Ltd. The bonds will bear interest rate of 4% and maturity rate of 4%. The bonds will mature on March 11, 2025.

The bonds will be fully convertible into 2,109,704 shares of the company at a fixed conversion price of KRW 9,480 per share between the period of March 11, 2023 to March 04, 2025. The subscription date is March 07, 2022 and the payment date is March 11, 2022. The transaction has been approved by the board of directors of the company.