U-Tech Co., Ltd. (KOSDAQ:A178780) announced a private placement of 2,105,263 shares at a price of KRW 1,425 per share for gross proceeds of KRW 2,992,999,775 on September 5, 2019. The transaction will include participation from EPS Investment Co., Ltd for KRW 2,992,999,775 in the transaction. The transaction is expected to close on November 29, 2019. The transaction has been approved by the board of the directors of the company. The shares will be subject to a one year lock up period.