SimmTech Co., Ltd. (KOSDAQ:A222800) announced a private placement of 1,593,625 redeemable preferred stock at a price of KRW 12,550 per stock for gross proceeds of KRW 19,999,993,750 on October 27, 2017. The transaction will involve participation from existing investor Simmtech Holdings Co., Ltd. (KOSDAQ:A036710). The securities will be issued at a premium.

The securities will be issued by a way of third party allotment. The redemption period for the securities is from December 6, 2018 to December 6, 2027. The expected payment date for the transaction is November 20, 2017.

The securities will be subject to a lock up period of one year from the date of closing. The transaction has been approved by the board of directors of the company.