RaemongRaein Co., Ltd. (XKON:A200350) announced a private placement of 850,000 registered redeemable convertible preferred shares at a price of KRW 4,000 per share for gross proceeds of KRW 3,400,000,000 and 1,250,000 common shares at a price of KRW 4,000 per share for the gross proceeds of KRW 5,000,000,000, for an aggregate gross proceeds of KRW 8,400,000,000 on July 8, 2019. The transaction will include participation from MIP Global Contents Fund and MGI Secondary Fund 2, funds managed by Maple Investment Partners for 500,000 preferred shares and SAYANGEL 1st Individual Fund for 350,000 preferred shares and Wysiwyg Studios Co., Ltd. (KOSDAQ:A299900) for common shares through third party allotment. The preferred shares will be issued at a premium.

The preferred shares will bear cumulative dividend of 1% per annum. The number of issued preferred shares will increase to 941,965 shares upon closing. The preferred shares are redeemable between January 24, 2022 and June 23, 2029.

The preferred shares are convertible into common shares at a fixed conversion price of KRW 4,000 per share between July 24, 2019 and July 23, 2029. The common shares have a lock up period of one year. The transaction in expected to close on July 23, 2019.