Powernet Technologies Corporation (KOSDAQ:A037030) announced private placement of 1,250,000 shares at a price of KRW 3,320 per share for gross proceeds of KRW 4,150,000,000 with Mercury Corporation (KOSDAQ:A100590) on March 10, 2020. The shares will be issued at premium to par value of KRW 1,000 per share through third party allocation. The expected payment date is March 18, 2020.

The shares are subject to hold period of 1 year. The transaction has been approved by the board of directors of the company.