Plumbline Life Sciences, Inc. announced a private placement of series 5 Non-guaranteed, unsecured, private convertible bonds with interest-bearing bonds for a gross proceeds of KRW 100,000,000 on September 6, 2022. The transaction will include participation from Seong-ho Cho for KRW 35,000,000, Won-young Cho for KRW 35,000,000 and Joo-hyung Cho for KRW 30,000,000. The bonds have maturity rate of 4%.

The bonds will mature on September 07, 2025. The bonds will be 100% converted into 20,000 common shares at a fixed conversion price of KRW 5,000 per share for an equity stake of 0.61%. The conversion period is from September 7, 2023 to August 8, 2025.

The payment date of the transaction is September 7, 2022. The transaction has been approved by the board of directors of the company.