Mediforum Pharmaceutical Incorporation (KOSDAQ:A047920) announced a private placement of series 12 and series 13 unregistered non guaranteed private convertible bond for the gross proceeds of KRW 10,000,000,000 each for aggregate gross proceeds of KRW 20,000,000,000 on August 31, 2020. The transaction will include participation from returning investor HLB Co., Ltd. (KOSDAQ:A028300) for series 12 bonds and new investor Jaram Fund 1 for series 13 bonds. The bonds carry coupon rate of 1% and surface interest rate of 1% and will mature on October 30, 2023.

The series 12 and series 13 bonds are 100% convertible into 1,494,992 common shares each at a conversion price of KRW 6,689 per share. The conversion period will start on October 30, 2021 and end on September 30, 2023. The subscription date is August 31, 2020 and payment date is October 30, 2020.

The transaction was approved by board of directors of the company.