Global Tax Free Co., Ltd. (KOSDAQ:A204620) announced that it will issue Series 3 unregistered non-guaranteed private exchangeable bonds for gross proceeds of KRW 3,480,000,000 on February 15, 2021. The transaction will include participation from Global Frontier Fund. The bonds will mature on August 19, 2022. The bonds do not carry any interest. The bonds are fully convertible at a fixed conversion of KRW 3,134 per share into 1,110,402 shares from March 18, 2021 to August 12, 2022. The subscription date of the bonds is February 15, 2021 and the payment date is February 18, 2021. The transaction was approved by the board of directors of the company.