Ciaat Co., Ltd. announced a private placement of 100,000 redemption convertible preferred shares at KRW 5,000 per share for gross proceeds of KRW 500,000,000 on November 16, 2015. Each share has a face value of KRW 500 and will be issued at a premium of 511.77%. The shares will be redeemable from November 21, 2016 till November 20, 2025.

Each preferred share will be convertible into one common share resulting in 100,000 common shares upon conversion. The transaction will include participation from a new investor, Find Value Investment Management from a new investor. The transaction will take place through third party capital increase.

The transaction has been approved by the board of directors of the company. The payment date for the transaction is November 20, 2015.