Panagene Inc. announced that it expects to receive KRW 56.599994061 billion in funding from a group of investors
June 20, 2023
Share
Panagene Inc. announced that it will issue 8,867,867 commons shares at an issue price of KRW 3,383 for the gross proceeds of KRW 29,999,994,061, series 5 bearer non-interest non-guaranteed private placement convertible bond for gross proceeds of KRW 7,100,000,000 and series 6 bearer non-interest non-guaranteed private placement convertible bond for gross proceeds of KRW 19,500,000,000; aggregate gross proceeds of KRW 56,599,994,061 on June 21, 2023.
Common Shares - The transaction will include participation from new investors HLB Co., Ltd. for 3,842,743 shares, HLB Investment Co., Ltd. for 591,191 shares, HLB bioStep Co.,Ltd. for 3,251,551 shares, HLB innoVation Co.,Ltd. for 591,191 shares, and HLB Therapeutics Co.,Ltd. 591,191 shares. The expected closing date of the transaction is August 3, 2023. The transaction has been approved by board of directors of the company. The shares are subject to mandatory hold period of one year.
Series 6 bonds- The transaction will include participation from new investors Dayton Street Co., Ltd. for KRW 4,000,000,000, N Citron, Inc. for KRW 3,000,000,000, Kukdong Corporation for KRW 2,000,000,000,Oruminc.Co.,Ltd for KRW 2,000,000,000, AllKei Co., Ltd. for KRW 2,500,000,000, KR3 Co,. Ltd for KRW 3,000,000,000, individual investors Yeo, Haeng Soo for KRW 500,000,000, Yoo, Jung Seok for KRW 500,000,000, Lee, Min Seon for KRW 2,000,000,000 The bonds bear 0% coupon rate and 0% maturity rate and will mature on July 18, 2026. The series 6 bonds are fully convertible into 5,588,993 shares at a fixed conversion price of KRW 3,489 each from July 18, 2024 to June 18, 2026. The bonds will have a hold period of one year from the date of issuance. The transaction has been approved by the board of directors of the company. The transaction is expected to close on July 18, 2023.
Series 5 Bonds - The transaction will include participation from new investor Nomad No. 4 Combination for KRW 7,100,000,000. The bonds have 0% coupon rate and 0% maturity rate and will mature on July 18, 2026. The bonds are 100% convertible into 2,034,967 shares at a fixed conversion price of KRW 3,489 from July 18, 2024 to June 18, 2026. The bonds will have a hold period of one year from the date of issuance. The transaction has been approved by the board of directors of the company. The transaction is expected to close on July 18, 2023.
HLB bioStep Co Ltd, formerly KNOTUS Co Ltd, is a Korea-based company mainly engaged in non-clinical trial business. The Company operates through three segments. The Non-clinical Test Consignment Agency Business segment conducts non-clinical is mainly engaged in the test on newly developed substances such as new drugs ,and tests the efficacy and pharmacodynamics of substances. In addition, this segment is engaged in the test of the safety of substances. The Bioinfra Business segment is engaged in animal laboratory design, construction, and maintenance. In addition, this segment provides equipment delivery. The Pet Medical Business segment is engaged in the development of veterinary medicine and the sale of companion animal products.
HLB BIOSTEP CO.,LTD. 
