Ssial Food Inc (XKON:A236030) announced that it will issue 200,000 0% convertible redeemable preferred shares at a price of KRW 15,000 per share for gross proceeds of KRW 3,000,000,000 on August 28, 2018. The transaction will include participation from new investor Si Jan Investment Korea Co., Ltd. through third party allotment method. Post closing, the number of preferred shares will increase to 398,020 shares. The preferred shares are redeemable between September 1, 2019 to September 7, 2028. Each preferred share is convertible into one common share between September 9, 2018 to September 7, 2028. The preferred shares have the voting rights and are issued at premium. The expected payment date is September 7, 2018. The transaction has been approved by the board of directors of the company.