DUAL Industrial. Co., Ltd. (KOSDAQ:A078590) announced a private placement of episode 8 bearer-owned interest-free private equity convertible bonds for gross proceeds of KRW 20,000,000,000 on November 4, 2019. The transaction will include participation from Sinchon Investment Association. The bonds will be issued at par, will carry no coupon, and have a yield to maturity of 3%. The bond will mature on March 31, 2023. The bonds can be 100% converted into 14,630,577 common shares for 27.72% stake of the company at a fixed conversion price of KRW 1,367 share. The conversion period is from March 31, 2021 to February 28, 2023. The transaction has been approved by the board of directors of the company. The transaction is expected to close on March 31, 2020. The bonds will have a lock up period of one year from the date of issuance for conversion.