WOORIRO Co., Ltd. (KOSDAQ:A046970) announced a private placement of the sixth unregistered unguaranteed unsecured private convertible bonds for gross proceeds of KRW 5,000,000,000 and 88,000 common shares at a price of KRW 2,308 for gross proceeds of KRW 2,031,040,000, for an aggregate gross proceeds of KRW 7,031,040,000 on September 13, 2016. The bonds will be issued at its par value to new investor Aswon Construction Co., Ltd. The bonds will carry fixed coupon of 3% and yield to maturity of 3%. The bonds will mature on October 28, 2019. The bonds will be 100% convertible into common shares of the company at a fixed conversion price of KRW 2,705 per share from October 28, 2017 to September 28, 2019. The subscription date is September 20, 2016 and payment date is October 28, 2016. The common shares have a face value of KRW 500 per share. The shares have been issued on a discount of 10%. The eligibility date for dividend payout of new shares is October 28, 2016. The shares have a lockup period of one year. The board of directors of the company approved the transaction.