Infraware, Inc. (KOSDAQ:A041020) announced a private placement of 5,485,000 common shares at a price of KRW 1,852 for gross proceeds of KRW 10,158,220,000 on April 27, 2018. The transaction will include participation from existing investor Selvas AI Inc. (KOSDAQ:A108860) for 4,845,000 shares for gross proceeds of KRW 8,972,940,000 and individual investor Lee, Honggu for 1,000,000 shares for gross proceeds of KRW 1,852,000,000. The company issue shares through the third party allotment.

The shares are subject to a lock in period of 1 year. The transaction is expected to close on April 30, 2018. The transaction has been approved by the board of directors of the company.