Me2on Co., Ltd. announced that it expects to receive KRW 30 billion in funding from Corstone Asia Co., Ltd.
November 27, 2017
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Me2on Co., Ltd. (KOSDAQ:A201490) announced a private placement of series 1 unregistered unguaranteed private convertible bonds for gross proceeds of KRW 30,000,000,000 on November 28, 2017. The transaction will involve participation from new investors Corstone Growth Strategy M&A Private Equity Fund, a fund managed by Corstone Asia Co., Ltd. and KDBC Connection No. 1 New Technology Fund for KRW 15,000,000,000 each. The transaction is expected to close on November 29, 2017. The bonds will be convertible into 3,068,424 shares of the company at a fixed conversion price of KRW 9,777 from November 29, 2018 to November 28, 2022. The bonds will not carry any coupon rate and will have a yield to maturity of 2%. The bonds will mature on November 29, 2022. The transaction was approved by the board of directors of the company.
ME2ON CO., LTD. is a Korea-based company mainly engaged in the development and provision of games. Along with subsidiaries, the Company operates its business through two segments. The Game Business segment is engaged in the development and provision of mobile, web and online games. The game is provided under the name of Fulpot Poker, Full House Casino and Play Vegas. The Advertising Business segment is engaged in the provision of online advertising services. The Company distributes its products within the domestic market and to overseas markets.