INSAN Inc. announced that it expects to receive KRW 10 billion in funding from POSCO Venture Capital Co., Ltd., NH Investment & Securities Co., Ltd., Mirae Asset Daewoo Co., Ltd., SUSUNG ASSET MANAGEMENT Co., Ltd., KB Securities Co.,Ltd, Samsung Securities Co.,Ltd.
November 26, 2019
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INSAN Inc. (KOSDAQ:A277410) announced that it will issue series 7 bearer coupon unguaranteed private convertible bonds with an aggregate gross proceeds of KRW 10,000,000,000 on November 27, 2019. The transaction will include participation from 2019 PCC New Technology Fund, a fund managed by an existing investor POSCO Venture Capital Co. for KRW 3,000,000,000, Ltd., NH Investment & Securities Co., Ltd. (KOSE:A005940) though its Trust Agent of BNB Fund for KRW 1,500,000,000, through its Trust Agent of Orion Fund 1 for KRW 300,000,000, through its Trust Agent of Orion Fund 2 for KRW 700,000,000, Mirae Asset Daewoo Co., Ltd(KOSE:A006800) through its Trust Agent of Hize Fund for KRW 1,500,000,000, through its Trust Agent of Orion Fund 3 for KRW 1,000,000,000, SUSUNG ASSET MANAGEMENT Co., Ltd. for KRW 1,000,000,000, KB Securities Co.,Ltd through its Trust Agent of Susung Fund 1 for KRW 700,000,000, Samsung Securities Co.,Ltd. (KOSE:A016360) through its Trust Agent of Susung Fund 2 for KRW 300,000,000. The notes will carry rate of interest of 0.5% per annum and will mature on December 4, 2022. The bonds are convertible into 4,466,279 equity of the company at a conversion price of KRW 2,239 per share. The conversion period will start from December 4, 2020 and ends at November 21, 2022. The transaction is expected to close on December 4, 2019. The transaction has been approved by the board of directors of the company.
On March 4, 2020, the company announced that the 9th series bonds are now convertible into 6,045,949 shares at a fixed conversion price of KRW 1,654 per share.
INSAN Inc. formerly IBKS No.8 Special Purpose Acquisition Company, is a Korea-based company mainly engaged in the manufacture and sell of bamboo salts and bamboo salt application food. The bamboo salt products are inclusive of insan bamboo salt original, insan purple bamboo salt, daily bamboo salt and others. In addition, the Company is involved in the provision of duck extract, soy sauces, soybean pastes, red pepper pastes, as well as pills and others. The Company distributes its products within domestic market and to overseas markets, such as America, Thailand and other Asian countries.
INSAN Inc. announced that it expects to receive KRW 10 billion in funding from POSCO Venture Capital Co., Ltd., NH Investment & Securities Co., Ltd., Mirae Asset Daewoo Co., Ltd., SUSUNG ASSET MANAGEMENT Co., Ltd., KB Securities Co.,Ltd, Samsung Securities Co.,Ltd.
INSAN INC. 
