SM Culture & Contents Co., Ltd. (KOSDAQ:A048550) announced a private placement of 160,000 preferred shares at KRW 10,000 per share for gross proceeds of KRW 1,600,000,000 on December 30, 2015. The transaction will include participation from existing investor, SK Securities Private Equity. The preferred shares will be convertible into 160,000 common shares from January 2, 2016 to January 2, 2026.

The preferred shares will carry cash redemption within 30 days from the day redemption request is made by the shareholder. The redemption period will be from January 1, 2018 to January 1, 2019. The transaction will take place through third party allocation.

The payment date for the transaction is December 31, 2015. The transaction was approved by the board of directors of the company.