Metalabs Co., Ltd. announced that it expects to receive KRW 13.000000222 billion in funding
December 11, 2016
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Avista Inc. (KOSE:A090370) announced a private placement of 6,273,526 common shares at a price of KRW 797 for proceeds of KRW 5,000,000,222 and 7th private registered convertible bonds for proceeds of KRW 8,000,000,000, for aggregate gross proceeds of KRW 13,000,000,222 on December 12, 2016. The transaction will include participation from W Investment Financial Stock Type Fund 10 for the shares and W Investment Financial Bond Investment Fund No. 8 for the bonds. The transaction will take place through third party allotment. The shares have a face value of KRW and will be issued at a premium and the bonds will be issued at par value. Post completion of the transaction, the number of issued common shares by the company will increase from 55,169,808 shares to 61,443,334 shares. The shares have a lock up period for 1 year. The bonds will bear a fixed interest rate of 2% per annum and yield to maturity of 5% per annum. The bonds will mature on December 29, 2019. The bonds are 100% convertible into shares of the company at a fixed conversion price of KRW 984 per share. The conversion period will start on December 29, 2017 and will end on November 29, 2019. The transaction subscription date is December 12, 2016. The payment date for the shares is December 19, 2016 and the bonds is December 29, 2016. The listing date of the shares is January 3, 2017. The transaction has been approved by the board of directors of the company.
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.