OliX Pharmaceuticals, Inc announced a private placement of 789,481 convertible preferred shares at an issue price of KRW 19,000 for proceeds of KRW 15,000,139,000 on May 23, 2022. The transaction has been approved by the board of directors. The shares will be issued pursuant to 3rd party allocation increase method.

The shares will be convertible into common shares at an issue price of KRW 19,000 within period staring from May 31, 2023 and ending on May 30, 2027. The transaction is expected to close on May 31, 2022. The shares are subject to a hold period of one year.

The transaction will include participation from new investors Shinhan Capital Co., Ltd. for 105,263 shares as well as Fund 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, and 14. The shares will be issued at a minimum dividend rate of 1%.