Global Tax Free Co., Ltd. announced a private placement of series 6th unregistered unsecured privately placed convertible bond for gross proceeds of KRW 5,000,000,000 on May 10, 2023. The transaction will include participation from new investors WIZIT Co., Ltd. for KRW 2,500,000,000, and Powernet Technologies Corporation for KRW 2,500,000,000. The bonds carry a coupon rate of 0% and yield to maturity of 0%.

The maturity date of bonds is June 25, 2028. The bonds are 100% convertible into 1,259,763 common shares at a fixed conversion price of KRW 3,969 from Jun 15, 2024, to May 15, 2028. The transaction has been approved by board of directors of the company.

The payment date is June 15, 2023. The bonds are restricted to hold period of 1 year.