TELCON RF PHARMACEUTICAL. Inc. announced that it expects to receive KRW 22 billion in funding from Sangsangin Savings Bank, Sangsangin Plus Savings Bank Co.,Ltd.

TELCON RF PHARMACEUTICAL. Inc. announced a private placement to issue Series 20 Bearer Interest Unsecured Private Placement Convertible Bonds for the gross proceeds of KRW 22,000,000,000 on April 18, 2024. The transaction will include participation from new investors Sangsangin Savings Bank for KRW 12,000,000,000 and Sangsangin Plus Savings Bank Co.,Ltd. for KRW 10,000,000,000.

The transaction has been approved by the shareholders of the company, restricted to a hold period and is expected to close on April 19, 2024. The bonds are 100% convertible into 29,891,304 shares at a fixed conversion price of KRW 736 from April 19, 2025 to March 19, 2027. The bonds bear 2% coupon rate, 5% maturity rate and matures on April 19, 2027.