Asia Seed Co., Ltd. announced that it has received KRW 1.50 billion in funding from Mirae Asset Venture Investment Co. Ltd. and another investor.
November 05, 2014 at 11:00 pm EST
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Asia Seed Co., Ltd. announced a private placement of round 3 registered convertible bonds for gross proceeds of KRW 1,500,000,000 on November 4, 2014. The transaction will include participation from Mirae Asset Agro Project Investment Fund and Mirae Asset Venture Investment Co. Ltd. for KRW 1,000,000,000 and KRW 500,000,000 respectively. The bonds will carry an interest of 2% per annum and a yield to maturity of 5% per annum. The bonds will mature on November 6, 2017. The bonds will be fully convertible into common shares at a conversion price of KRW 4,045 per share. The conversion period of the bonds will be from November 6, 2015 to November 5, 2017. The subscription and the payment date for the bonds are expected on November 6, 2014. The transaction was approved by the board of directors of the company.
On November 6, 2014, Asia Seed Co., Ltd. closed the transaction.
ASIA SEED Co.,LTD is a Korea-based company mainly engaged in the development, manufacture and sale of seeds and seedlings. The Company provides seeds and seedlings of white cabbages, red cabbages, broccolis, herbs, onions, cucumbers, corns, carrots, radishes, watermelons, tomatoes, hot peppers, eggplants, lettuces, beans, spinaches, shallots, muskmelons, pumpkins, fragrant flowered garlic, functional leafy vegetables as well as edible flowers, among others. In addition, it is involved in the provision of health care food, garden supplies and others. It also provides sprout cultivators. The Company distributes its products within domestic market and to overseas markets.