Snet systems Inc (KOSDAQ:A038680) announced a private placement of round one non-guaranteed private equity convertible bonds with Interest for gross proceeds of KRW 20,000,000,000 on November 18, 2020. The transaction included participation from Shinhan Financial Investment Co., Ltd., Investment Arm for KRW 4,000,000,000, NH Investment & Securities Co., Ltd., Investment Arm for KRW 2,000,000,000, Orion Capital Management for KRW 1,000,000,000, Rhinos Asset Management Co., Ltd for KRW 2,000,000,000, NH Hedge Co., Ltd. for KRW 3,000,000,000, A One Asset Management Co., Ltd. for KRW 1,000,000,000, Platform Partners Asset Management Co., Ltd. for KRW 1,000,000,000, Rhinos-Meritz 2 New Technology Business Investment Fund for KRW 1,000,000,000, Rhinos-Hanyang 2nd New Technology Business Investment Fund for KRW 1,000,000,000, CSquared Global Asset Management for KRW 2,000,000,000 and GVA Asset Management Co., Ltd. for KRW 2,000,000,000. The bonds are issued at 0% nominal interest rate, 0% yield to maturity and will mature on November 20, 2023. The company will issue 2,784,351 common shares of the company at 100% conversion rate with conversion price of KRW 7,183 per share. The conversion period is from November 20, 2021 to October 20, 2023. The transaction has been approved by the board of directors of the company and is expected to close by November 20, 2020.