Jooyontech Co., Ltd. (KOSE:A044380) announced a private placement of 14,285,711 common shares at an issue price of KRW 770 per share for gross proceeds of KRW 10,999,997,470 on May 9, 2016. The transaction involved participation from returning investor, Hwapyong Holdings Co., Ltd. for 6,493,506 shares, and new investors, Tway Holdings Incorporation (KOSE:A004870) for 2,597,402 shares, Bel Air Investment Co., Ltd. for 649,350 shares, Taegon Kim for 1,948,051 shares, and Sangbum Kim for 2,597,402 shares. The shares to be issued have the face value of KRW 100 per share. The company will raise funding through third party allotment method. The payment date is June 1, 2016. The transaction has been approved by the board of directors of the company. The shares are scheduled to be listed on June 17, 2016. The shares issued in the transaction have a hold period of one year, post the closing.

On May 18, 2016, company announced that Hyunjung Choi will participate in the transaction for 1,948,051 shares instead of Taegon Kim.