CIAAT Co., Ltd. (XKON:A103660) announced a private placement of 200,000 redeemable convertible preferred stock at a price of KRW 5,000 per share for the gross proceeds of KRW 1,000,000,000 on May 11, 2017. The transaction will include participation from Innopolis Public Technology Base Fund for 100,000 shares for proceeds of KRW 500,000,000 and Innopolis 2015 Manufacturing IOT Investment Fund for 100,000 shares for the proceeds for KRW 500,000,000. The shares issued have a redemption period from May 12, 2020 to May 12, 2027. The shares have a face value of KRW 500 per share. The shares will be issued at par. The shares are convertible into 200,000 common shares from May 14, 2017 to May 11, 2027. The securities will be issued by the way of third party allotment. Post the closing the number of redeemable convertible preferred stock will increase from 2,938,352 to 3,138,352. The transaction is expected to close on May 12, 2017. The transaction has been approved by the board of directors of the company.