Midong & Cinema Co., Ltd. (KOSDAQ:A161570) announced a private placement of 1,791,044 common shares at a price of KRW 1,675 per share for the gross proceeds of KRW 2,999,998,700 on December 29, 2020. The transaction will include participation from Firerock Hong Ke Capital (Hong Kong) Group Limited. The shares issued in the transaction have a par value of KRW 500 per share. The transaction will take place through third party allotment. The transaction was approved by the board of directors of the company. The transaction is expected to close on January 8, 2021. The shares issued are subject to a hold period of 1 year from the date of issuance.