U-Tech Co., Ltd. (KOSDAQ:A178780) announced a private placement of 13 series unguaranteed private equity convertible bonds for proceeds of KRW 6,000,000,000 and 2,932,551 shares at a price of KRW 1,705 per share for proceeds of KRW 4,999,999,455 for the aggregate proceeds of KRW 10,999,999,455 on June 22, 2020. The transaction will include participation from JS Value Partners Co., Ltd. for KRW 3,000,000,000, Green Leeds Co., Ltd. for 3,000,000,000, Jeongtae Lee, chief executive officer of the company for 2,052,785 shares and Lee Sung Gil for 879,766 shares. The bonds will be issued at par. The bonds will carry a coupon rate of 1% and maturity interest rate of 4%. The 13th series bonds will mature on August 28, 2023. The bonds will be fully convertible into 3,010,536 shares of the company at a fixed conversion price of KRW 1,993 between the period of August 28, 2021 to July 28, 2023. The bonds are redeemable. The subscription date is June 22, 2020. The share will be issued through third-party allocation method. The shares will be subject to a one year lock up period. The transaction is expected to close on August 28, 2020. The transaction has been approved by the board of directors of the company.