Dragonfly GF Co., Ltd (KOSDAQ:A030350) announced a private placement of 1,098,902 common shares at a price of KRW 2,703 per share for gross proceeds of KRW 3,000,002,460, 2,564,103 registered convertible preferred shares at a price of KRW 2,730 per share for gross proceeds of KRW 7,000,001,190, and 16th non-guaranteed private convertible bonds with bearer interest for KRW 10,000,000,000 for aggregate gross proceeds of KRW 20,000,003,650 on November 9, 2020. The transaction will include participation from Syswork Co., Ltd (KOSDAQ:A269620) for common and preferred shares. The preferred shares are convertible into 2,564,103 common shares of the company at a price of KRW 2,703 during November 17, 2021 and October 17, 2025.

The debt will include participation from single investor BEN Global Fund. The bonds carry fixed coupon rate of 1% and yield to maturity is 1%. The bonds will mature on January 29, 2024.

The bonds will be 100% converted into 3,233,107 common shares representing 16.8% of the company at a fixed conversion price of KRW 3,093 per share from January 29, 2022 to January 29, 2024. The payment date of the transaction is January 29, 2021. The transaction has been approved by the board of directors of the company.

The securities issued in the transaction are subject to a lock up period of 1 year. The securities issued are subject to restriction period of one year. The transaction has been approved by board of directors of the company.

The transaction is expected to close on November 17, 2020.