Avista Inc. announced that it expects to receive KRW 29.16 billion in funding
January 04, 2018
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Avista Inc. (KOSE:A090370) announced a private placement of 5,875,785 common shares at a price of KRW 3,260 per share for gross proceeds of KRW 19,155,059,100 and 8th registered convertible bonds for gross proceeds of KRW 10,000,000,000; for aggregate gross proceeds of KRW 29,155,059,100 on January 5, 2018. The shares are issued at a premium and bonds at par. The shares were issued through a third party allotment. The transaction was approved by the board of directors of the company. The shares are subject to a lock in period of 1 year. The transaction will include participation from individual investor Jungwook Hwang for 2,844,406 shares, Jongwoo Lee for 1,059,340 shares, and Sungwoo Choi for 512,841 shares and Atmos Fund for convertible bonds. The bonds will bear a fixed interest rate of 2% per annum and yield to maturity of 4% per annum. The bonds will mature on January 30, 2021. The bonds are 100% convertible into shares of the company at a fixed conversion price of KRW 3,850 per share. The conversion period will start on January 30, 2019 and will end on December 30, 2020. The company will issue shares on January 30, 2018 in its first tranche close. The transaction is expected to close on January 30, 2018.
METALABS CO., LTD., formerly AVISTA INC., is a Korea-based company mainly engaged in the casual apparel business. The Company produces and sells casual apparel and accessories under the brand of BNX, which is feminine and romantic character for women in their twenties; TANKUS, which is casual apparel with detailed design and dynamic color and fabrics; eryn brinie, which is soft and simple character casual apparel, and Kai-aakmann, which is feminine and masculine look character for men and women in their twenties. In addition, it is engaged in the overseas wholesale and retail of products through its affiliates in Shanghai, New York and Milano.