The Sports Seoul Co., Ltd. (KOSDAQ:A039670) announced a private placement of 6,451,612 common shares at a price of KRW 1,550 per share for gross proceeds of KRW 9,999,998,600 on December 24, 2018. The transaction will include participation from Hanryu A.I. Center Co.,Ltd. (KOSDAQ:A222810) for 4,516,129 shares for gross proceeds of KRW 6,999,999,950 and Hanryu Bank Co., Ltd. for 1,935,483 shares for gross proceeds of KRW 2,999,998,650. The transaction has been approved by the board of directors of the company.

The securities issued will be subject to a lock up period of one year. The proceeds of KRW 6,999,999,950 are expected to receive by January 4, 2019 and proceeds of KRW 2,999,998,650 are expected to receive by January 31, 2019. The bonds will be issued at its par value.