JC Chemical Co., Ltd. announced that it expects to receive KRW 10 billion in funding from Synergy Asset Management Co., Ltd., RICO Asset Management Co., Ltd., Korea Securities Finance Corporation, KB Securities Co.,Ltd, NH Investment & Securities Co., Ltd.

JC Chemical Co., Ltd. (KOSDAQ:A137950) announced a private placement of series 1 unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 10,000,000,000 on November 27, 2017. The transaction will involve participation from new investors Synergy Asset Management Co., Ltd. for KRW 3,500,000,000, RICO Asset Management Co., Ltd. for KRW 1,000,000,000 and KB Securities Co.,Ltd for KRW 5,000,000,000. The bonds will not carry any coupon rate and yield to maturity.

The bonds will mature on November 29, 2022. The bonds will be convertible into 2,142,704 shares of the company at a fixed conversion price of KRW 4,667 from November 29, 2018 to October 29, 2022. The expected payment date of the transaction is November 29, 2017.

The transaction was approved by the board of directors of the company.