GL Pharm Tech Corp. (KOSDAQ:A204840) announced a private placement of series 5 privately converted bonds for gross proceeds of KRW 3,100,000,000 on May 7, 2020. The transaction will involve participation from new investors, Magnine Investment Co., Ltd for KRW 500,000,000, Jinhak Co., Ltd. for KRW 1,000,000,000, Dongkuk Pharmaceutical Co., Ltd. for KRW 500,000,000, Unione Communications Co., Ltd. for KRW 500,000,000 and from Solon New Technology Association No. 1 for KRW 600,000,000. The bonds carry zero coupon rate and have a yield to maturity of 4.5%. The bonds will be fully convertible into 3,831,891 common shares of the company at a fixed conversion price of KRW 809 per share between May 12, 2021 and April 12, 2025. The bonds will mature on May 12, 2025. The payment date for the bonds is May 13, 2020. The transaction has been approved by the board of directors of the company. The bonds cannot be converted for one year from the date of issuance.