SR biotek Inc. (XKON:A270210) announced a private placement of 28,000 redeemable convertible preferred stock at an issue price of KRW 25,000 per share for gross proceeds of KRW 700,000,000 on October 30, 2018. The transaction will involve participation from new investor Yen H investments securities corporation. The shares will be issued at a premium and through third party allotment method. The shares will be convertible into common shares of the company from November 8, 2018 to November 7, 2021. The transaction is expected to close on November 6, 2018. The transaction was approved by the board of directors of the company.