DUAL Industrial Co., Ltd. (KOSDAQ:A078590) announced a private placement of series 13 private equity convertible bond for gross proceeds of KRW 27,382,500,000 and 7,454,824 common shares at a price of KRW 3,265 for gross proceeds of KRW 24,340,000,360 and series 12 bearer-type interest-bearing private convertible bonds for gross proceeds of 76,062,500,000 aggregate gross proceeds of KRW 127,785,000,360 on April 20, 2020. The transaction will include participation from new investor OncoQuest Inc. for KRW 76,062,500,000 and for 7,454,824 shares representing 9.01% stake through third-party allotment and other investors. The series 12 bonds will mature on April 20, 2050 and are convertible into 17,652,007 shares at a conversion price of KRW 4,309 from April 20, 2021 to March 20, 2050. The subscription and payment date for series 12 bonds is April 20, 2020. The transaction has been approved by the board of directors of the company. The transaction is expected to close on July 31, 2020. The shares issued in the transaction are subject to a hold period of one year. On the same date, the company issued series 13 private equity convertible bonds for gross proceeds of KRW 27,382,500,000 in its first tranche.