Kyung Nam Pharm Co., Ltd. (KOSDAQ:A053950) announced a private placement of 648,832 common shares at an issue price of KRW 10,018 per share for gross proceeds of KRW 6,499,998,976 on November 14, 2018. The transaction will involve participation from existing investor Milestone KN Fund. The shares will be issued at a premium and through third party allotment method.

Post the closing of the transaction, the shares issued by the company will increase from 12,299,983 to 12,948,815. The transaction is expected to close on November 22, 2018. The shares issued in the transaction are subject to a lock up period of two years.

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